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Friday, August 13, 2021

Fwd: Age tech




'Longevity economy' attracts venture investment and startup innovation
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Photo by Christian Bowen

Around the world 65+ is the fastest-growing age group, giving rise to the so-called longevity economy.

 

Startups are busy finding tech solutions to commonly neglected problems of aging—and attracting billions in venture investment along the way.

 

Modernizing care facilities

 

An estimated 80% of venture investment in age tech goes to companies developing software tools for healthcare providers. Among them:

Better care at home

 

An estimated 44M people in the U.S. step in as informal caregivers. These companies are developing tools to deliver better care at home:

  • New York-based Tomorrow Health raised $25M to provide medical equipment to home-based care providers;
  • Israel-based Sensi.ai raised $3.5M to develop an in-home virtual care agent that can detect, predict, and prevent medical issues; and
  • Ianacare, an AARP Innovation Labs winner from Boston, raised $3M to for its communications and coaching platform for caregivers.

Fighting isolation

 

A number of startups are coming up with novel ways to help seniors avoid feelings of loneliness and social isolation. Among them:

  • Israel-based Intuition Robotics raised $58M over multiple rounds to develop a companion robot that engages seniors with personal updates, online games, video chats, and other features;
  • New York-based DUOS raised $6M to develop personal assistants—called "duos"—that provide companionship, tech help, transportation, and other services; and
  • San Francisco-based Mighty Health, an AARP Innovations Lab winer, raised $2.8M from Y Combinator and others to build out its digital wellness platform for seniors.

 

Preventing falls

 

The CDC reports that 28% of U.S. seniors fall each year at a cost of $50B. These companies are trying to reduce those numbers:

  • Belgium's Nobi raised $2.4M for its "smart lamps" that detect falls and contact family or caregivers when needed;
  • Texas-based Zibrio (they're hiring), an AARP Innovations Lab winner, raised nearly $1M to develop a smart scale that identifies people who are at risk for falling; and
  • Connecticut-based FallCall Solutions, an AARP Innovations Lab winner, is combining fall-detection software with smart devices like an Apple Watch to identify falls and send alerts to caretakers.

Water-based cremation

 

Meanwhile, Los Angeles-based Doola offers eco-friendly cremations using water instead of fire to cut energy use by 90%.

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Funding and acquisitions

Toggle, a Des Moines, Iowa-based freight logistics service provider, raised $1.6M to help shipping companies operate more efficiently. The software anticipates and adjusts route plans based on conditions, helping reduce fuel costs, waste, and carbon emissions.

RentCheck, a New Orleans-based startup, raised $2.6M to develop a system for automated property inspections. The company's platform allows property managers to conduct remote property inspections, simplifying the process of returning a renter's security deposit. The company, a  New Orleans Entrepreneurship Week winner, previously raised $1M.

Codelicious, a Boston-based computer science curriculum platform, raised $3.8M to develop more coursework and expand into new schools. The company provides full-year computer science curriculum to K-12 schools in 23 states.

Sinai Technologies, a San Francisco-based decarbonization platform, raised $10M led by Obvious Ventures to build out its platform that allows manufacturers, utilities, farmers, and others to measure and mitigate their carbon emissions.

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