eCaring Raises $3.5 Million to Develop Aging in Place Tech
New York-based health care IT company eCaring recently secured $3.5 million in Series A funding earmarked for development of home health technology geared toward aging in place.
The fundraising round was led by venture capital firm Ascent Biomedical Ventures and private investor Stephen Jackson, who will join eCaring’s board. The company has a cloud-based home care management and monitoring solution that generates comprehensive real-time clinical, behavioral, and medication adherence data from patients’ homes that can be shared with medical teams and help prevent hospitalizations or readmissions.
“The new funding reflects our proven success at cutting costs by reducing emergency room and hospital visits and readmissions,” said Robert M. Herzog, founder and CEO of eCaring, in a statement. “The extensive experience of our new board members bolsters eCaring’s ability to help managed care organizations reduce costs while providing the best possible care for their patients in real-time.”
There are more than 60 million Americans in home care situations, Herzog said, and eCaring’s goal is to fill the care data communications gap.
The company’s system allows home care aides, family caregivers, and patients to input information such as medication intake, vital signs, sleep and diet patterns, and critical events that can then be accessed by doctors, care managers, family members, or other members of the patient’s care team in real time and receive alerts for situations requiring immediate attention.
The Series A funding round comes in addition to previously-raised funds of $1.5 million and will serve as working capital for product development and also to expand sales and marketing efforts. eCaring plans to target enterprise markets of managed care plans, payers, home health agencies, hospitals, and other health care organizations.
“eCaring has a unique platform that solves the growing problem associated with aging Baby Boomers preferring home health care,” said Avi Kometz of Ascent Biomedical Ventures. “eCaring fills a crucial information need, offering the best platform for home health aides to generate extensive amounts of critical in-home patient data separate from clinical personnel.”
Written by Alyssa Gerace