Alayacare, an AI-powered cloud-based home health care software company, raised C$225 million (~$183 million) in a Series D round led by Generation Investment Management with participation from Klass Capital and existing investors Inovia Capital, CDPQ, and Investissement Québec.
AlayaCare plans to use the funding to continue global expansion, hire additional staff, and further invest in innovation capabilities to build a more complete post-acute offering in addition to products that help solve labor market issues around employee shortages and churn.
According to the company, the data-driven insights and a superior care worker experience have scaled its business powering more than one billion patient visits worldwide. The U.S. is now the fastest-growing part of AlayaCare’s business, representing 7x growth in the last 24 months. More than 500 global home and community care organizations currently rely on AlayaCare’s based predictive software to improve operational efficiencies.
Adrian Schauer, CEO & Founder, AlayaCare, commented: “Employee shortages and retention continue to be one of the biggest headaches for all home health providers. AlayaCare is uniquely positioned to help tackle common pain points related to scheduling challenges and balancing patient and caregiver preferences. Our innovative technology helps run the back office more efficiently, allowing care staff to focus on outcomes instead of paperwork. Through the support and confidence of our investors, customers, partners, and employees, we are excited to scale the AlayaCare platform and take the more sustainable home health-based model mainstream”.
“We fundamentally believe that treating people in the home is key to building a sustainable health system that provides better outcomes at a lower cost. AlayaCare provides a win-win for both patients and providers by meeting the strongly growing demand for care at home with a more modern, efficient, data-driven, and easy-to-use system that vastly improves the experience for caregivers and their agencies. We look forward to supporting AlayaCare as it doubles down on its investment in R&D and builds out the next generation of home care and home health software, further building on its machine learning capabilities to help its customers prepare for a more tech-enabled, efficient, and value-based future”, said Dave Easton, Growth Equity Partner, Generation Investment Management LLP.
Digital Health companies raised a record $7.2 billion in VC funding in Q1 2021. Nearly $66 billion have been raised by Digital Health companies since 2010, according to Mercom’s Digital Health Funding Data.