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The San Diego-based developer of an interactive telecare platform for seniors living at home has secured more venture capital funding.
Independa, which unveiled the ‘Angela’ in June and recently made it available for commercial purchase, has closed a second round of venture capital funding that has so far raised $1.6 million. In addition, the company has received $600,000 in debt financing from Silicon Valley Bank and secured pledges from current investors to raise another $600,000.
"We consider this funding a strong endorsement of Independa's expansion and growth strategy," said company CEO Kian Saneii in a press release. "It leaves us well-positioned to continue broadening our integrated telecare platform prudently as we take advantage of mounting interest in telehealth solutions in general and in elder care in particular."
Described as “the next Wii or iPad for the golden generation” and running off an off-the-shelf touch-screen tablet, Angela offers secure, one-touch access to a variety of interactive content, including the Internet, Facebook, games and puzzles, video chat and e-mail. It’s fully integrated with Smart Reminders (which the company launched in January), which allows caregivers to set up automatic reminders for care receivers to take medications, keep medical and social appointments and record “Life Stories.”
Angela also sends visual notifications to existing telephone alerts as options for receiving reminders, as well as confirmation to caregivers that reminders have been acknowledged and confirmed, closing a daily communication loop for medication compliance.
While the social benefits of Angela are apparent, the clinical effects are there as well. The nation pays approximately $3,000 per episode of care for the elderly, Saneii said. In addition, he said, approximately half of all prescriptions written for seniors are not filled, and one-third of those that are filled are never taken, many because they’re forgotten.
Saneii said the new funding would be used to support ongoing development of the product line, including adding wireless health and safety sensors to the platform.
The company’s investors said Independa is poised to assist an aging population that wants to remain at home, as well as an evolving healthcare industry that’s looking to improve clinical outcomes.
"The changing age demographics present immense challenges for the home health services market,” said Maneesh Goyal, managing director of Miramar Venture Partners, which joined City Hill ventures in the latest round of funding. “In our evaluation of this market, Independa's platform is the most complete, scalable and simple to use. We are excited to stand alongside such a talented team."
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