SafelyYou, a tech startup centered around detecting and preventing falls in senior housing communities, has raised $19.5 million to accelerate the company’s growth.
Eclipse Ventures led the Series-A funding along with Founders Fund and two of SafelyYou’s previous investors, DCVC and Foundation Capital.
The company deploys AI-enabled cameras to consenting memory care residents’ rooms to detect falls and notify caregivers as soon as they occur. The technology has resulted in meaningful outcomes for senior living providers such as Carlton Senior Living, which previously used it to cut down on falls and subsequent visits to the emergency room.
SafelyYou operates in communities across 15 states, with clients including Houston-based Belmont Village. SafelyYou currently supports residents in about 1,500 falls each month.
The infusion of funds will allow the company to scale up its operations across North America, according to SafelyYou CEO George Netscher. In particular, the company plans to grow its assisted living and skilled nursing business.
“We get to scale up and keep delivering results for more and more customers, we get to double down on all the things that are working, we get to invest in things that we’ve known from a technical standpoint are feasible,” Netscher told Senior Housing News. “So, expect new things from us in the next few months.”
The new fundraising round also means the company can hire more employees beyond its current 40-person headcount, Netscher added. The company already doubled its number of employees and revenue in the first half of 2021.
SafelyYou is also unique in that it is subsidized by Church Mutual, a liability insurance carrier. The insurer will reimburse qualifying senior living clients for installation costs up to $200 per bed, up to 50 beds.
“We consistently show an 80% reduction in the number of emergency room visits from falls — we track that quarter over quarter, we have a lot of confidence in it,” Netscher said. “That obviously is meaningful from the standpoint of providing good quality of care, but it’s also meaningful in being able to prevent litigation.”
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SafelyYou’s growth push may also include new products or technologies for the senior living industry. And to that, Netscher said, “Stay tuned.”
“We’ve already run a bunch of experiments and we have things that we know are feasible,” Netscher said. “We’ll be back in the not-too-distant future.”
Other companies involved in the latest funding round include financial consultant TSQ Advisors, Pathbreaker Ventures, The House Fund, Swift Ventures, Pacific Health Ventures, Anorak Ventures, and 7Percent Ventures.
Netscher recently received a Senior Housing News Future Leaders honor.