SAN FRANCISCO, Sept. 16, 2021 /PRNewswire/ -- SafelyYou, the leaders in artificial intelligence-enabled fall detection and prevention for dementia care, today announced the close of a $19.5 million Series A financing round led by Eclipse Ventures. They are joined by Founders Fund, as well as existing investors DCVC and Foundation Capital. TSQ Advisors, Pathbreaker Ventures, The House Fund, Swift Ventures, Pacific Health Ventures, Anorak Ventures, and 7Percent Ventures helped to enable this funding round.
Utilizing the best of artificial intelligence and human expertise, SafelyYou empowers senior living direct care staff to implement essential fall prevention. Its AI-enabled cameras are used in consenting residents' rooms, detecting falls with unprecedented accuracy and immediately notifying care staff for assistance. SafelyYou reduces falls by 40% and ER visits resulting from falls by 80%, significantly reducing risks and unnecessary costs for residents, families and senior living communities.
SafelyYou is making a substantial impact on senior living communities at this critical time during the COVID-19 pandemic. For example, some using SafelyYou have doubled their residents' length of stay at a time when many communities faced occupancy challenges. Skilled nursing facilities using SafelyYou have seen over 1,000 hours of RN time saved in certain locations, enabling them to focus on other pressing concerns. Today, SafelyYou is the first-ever fall prevention program subsidized by a liability insurance carrier and is creating safer environments across the U.S., with an expert team supporting communities by implementing learnings from over 20,000 witnessed falls.
"We are excited to announce the closing of our Series A funding, led by Eclipse Ventures. This is another step toward achieving our vision for SafelyYou," said George Netscher, founder and CEO of SafelyYou, who started the company because of the impact Alzheimer's disease had on his own family. "We launched our business to build a better world for those living with Alzheimer's and dementia, their families, and all those who care for them. We started with a focus on falls, but there are so many more needs. This is just the beginning for us, and we'll have many more product development announcements to share in the future."
"Alzheimer's and dementia affect millions of patients and their families around the world, a number that is rapidly increasing as our society ages. SafelyYou is building a critical part of the ecosystem required to care for those afflicted by these devastating diseases," said Justin Butler, Partner at Eclipse Ventures.
The financing will enable SafelyYou, which is already deployed in numerous communities in North America, to scale up its assisted living and skilled nursing business, expanding at an even quicker pace. The company has already doubled revenue and headcount in the first half of 2021. Tompkins Square Advisors serves as a financial consultant to SafelyYou.
About SafelyYou Originating in 2015 as the doctoral research of CEO George Netscher at the top-ranked UC Berkeley Artificial Intelligence Research Lab, SafelyYou utilizes cutting-edge artificial intelligence to empower care staff to implement fall prevention. Specifically designed for memory care, or care for residents with Alzheimer's disease and related dementias, SafelyYou's subsequent fall video review provides better support for unwitnessed falls through robust ER decision making and root cause analysis to support fall prevention. Privacy and liability are protected through cameras that only activate when a fall is detected. Today, this proven technology is successfully deployed in numerous communities in North America. Research results published in the American Journal of Managed Care revealed that real-time fall detection using SafelyYou's AI-enabled video recording reduced the need for emergency services by 80% in dementia care communities.
About Eclipse Ventures Eclipse Ventures is a technology-focused investment firm specializing in complex operations and full-stack solutions. Founded in 2015 and based in Palo Alto, CA, Eclipse partners with entrepreneurs boldly transforming the essential industries that define and propel economies.