Home Care Software Company Raises $2.4 Million in Funding Round
Now more than ever, home health care professionals have a wealth of technological solutions at their disposal, as tech companies continue to invest in, and realize the opportunities within the industry.
Such was the case for Montreal, Canada-based AlayaCare, a provider of cloud-based home care software, whose recent funding efforts has raised $2.4 million from Quebec-based Fonds Innovexport. AlayaCare’s suite of cloud-based software includes remote patient monitoring, e-health and clinical documentation, as well as a mobile app for caregivers to provide on-site support and back-office functionality. The company was established in 2014.
Fonds Innovexport is an investment fund established by local entrepreneurs in partnership with the Government of Quebec through investors Investissment Quebec, La Caisse de dépôt, FSTQ, Foundation CSN and supported by the City of Quebec. The initiative invests in start-up companies that display global potential, according to AlayaCare. The investment from Fonds Innovexport marks the third funding round for AlayaCare since its inception.
The company developed a relationship with Fond Innovexpert through its relationship with Centre de Technologies Sante, an early investor in AlayaCare, Adrian Schauer, CEO of AlayaCare, explained in an e-mail to Home Health Care News.
“To receive this level of trust and support from Fonds Innovexport is a testament to how far we’ve come in a short period of time,” said Schauer in a press release. “Home care agencies in Canada, the United States and as far away as Australia are realizing how the software we built can not only strengthen their core business, but improve the delivery of care itself, ultimately generating better patient outcomes.”
In regards to their investment in AlayaCare, Richard Bordeleau, president of Fonds Innovexport, acknowledged the company’s management team and the “strong, underlying trends supporting the targeted market.”
The latest funding will allow AlayaCare to maintain its three-year annual sales growth percentage of 125+%, as well as provide for product and team growth, according to the company.
For Schauer, the funding will allow the company to expand “more aggressively” in international markets, namely Australia and the U.S. The company already has initiatives in the pipeline for the coming year, he explained.
“[We are focusing on] accelerating the integration of virtual care into the homecare service mix, involving the patient more in the direction and monitoring of their care, using schedule and route optimization to increase the efficiency of service delivery, and using machine learning to deliver better patient outcomes,” said Schauer.
Written by Carlo Calma