After $29M Fundraising Round, CarePredict Looks To Partner With Home-Based Care Providers

The health care tech startup CarePredict – which partners with top home care brands across the country – has raised $29 million.

The Series A-3 investment was co-led by SV Health Investors’ Medtech Convergence Fund and Aspire Healthtech Partners.

One of the company’s largest goals after the funding round is to connect with more home-based care providers. It already partners with home care companies like Griswold, Right at Home and BrightStar Care. It wants to expand those partnerships, but also form more partnerships with home health providers.

Satish Movva, the CEO and founder of CarePredict, is a home-based care veteran. He previously served as chief information officer for Interim HealthCare before starting his own company. CarePredict is his second startup.

While caring for his parents, Movva found it overwhelming and nearly impossible to monitor their conditions in between his visits with them. He started CarePredict to find a solution to that problem.

“I was the primary caregiver for them,” Movva told Home Health Care News. “I used to talk to them every day. But when I showed up in person, I would find new things about them that either caused me to take them to the ER that day or to specialist appointments the following week. It was highly disruptive and unpredictable. They needed something that would give me some indication about what’s really going on with my parents without having to rely on self reporting, because as we age, self reporting becomes very unreliable.”

Based in Fort Lauderdale, Florida, and originally founded in 2013, CarePredict identifies those changes in a senior’s conditions autonomously. Specifically, it is able to track urinary tract infections, fall risk, malnutrition and depression. Doing so has allowed it to reduce hospitalizations for patients by 39% and falls by 69%. It also is able to increase length of stay in lower care settings by 67%, according to the company.

Fundraising for digital health companies has been incredibly challenging of late, making the $29 million raise for CarePredict all that more impressive.

It wasn’t easy, though. External economic factors forced the company to pause fundraising at times or rely on individual or inside investors. Eventually, the money came through.

“We persevered, and finally found folks that were much more strategic in nature versus just venture capital,” Movva said. “That is really what made the breakthrough happen for us. I think in tough times like this, a company’s value is better discerned by a strategic investor than by a purely financial investment.”

CarePredict is paid for mostly by operators, such as the aforementioned home care companies, senior living companies and assisted living facilities.

The company also works with health plans, namely Medicare Advantage (MA) plans. In some instances, it’s able to work with plans and providers in shared savings programs.

As home-based care providers work more with MA plans – and shift more toward value-based care in general – Movva sees CarePredict as the perfect platform to augment their care plans.

“We plan to be very active in home care and in home health,” Movva said. “Those home care companies [that use] our solution have found that it has immense value for their business. Once you have this level of predictive capability and understand what’s going on with a client, you can be the one to react and not necessarily have to put the the family in the way of reacting.”

Greg Madden, managing partner at SV Health Investors, added that he believes CarePredict is “well positioned to expand into the aging-in-place segment.”

“Aging has become a black box in between medical encounters,” Movva said. “If we can have this observation model when there’s nobody around, we should be able to find the same predictors in that [home] setting as well.”