K4Connect, a startup focused on bringing new technologies like voice assistance, home automation, digital messaging and more to older adults and those living with disabilities, has closed on $21 million in Series B funding. The B round had originally wrapped in October 2018, but was extended with the recent addition of $7.7 million led by Forte Ventures.
Others taking part in the round include existing investors Sierra Ventures, Intel Capital, AXA Venture Partners, the Ziegler Link•Age Fund, Revolution’s Rise of the Rest, Topmark Partners (formerly Stonehenge Growth Equity Partners) and Traverse. As a result of the new funding, Forte Ventures’ Louis Rajczi will join the startup’s board. To date, K4Connect has raised $31 million in venture funding.
Image Credits: K4Connect
Notably, the additional funds were raised amid the coronavirus pandemic, which has been disproportionately impacting older adults in care facilities, cutting off their communication from loved ones and disrupting their daily activities.
The K4Connect platform, which today serves over 800 continuing care, independent living and assisted living communities across the U.S., can help to address many of the challenges these communities are now facing.
The startup was co-founded in 2013 by Scott Moody, the entrepreneur whose biometrics company AuthenTec sold to Apple, where it became the basis for Touch ID.
Now K4Connect’s CEO, Moody had moved to Raleigh, N.C. to retire, but soon realized he still had energy left to start another company. Originally, the startup’s focus had been on bringing smart home technologies together through what’s now K4Connect’s patented operating system, FusionOS. But the team hadn’t initially narrowed in on a particular market.
That changed when Moody met a man, Eric, who was an advocate for the homeless and living with MS. He told the founder that when he wakes up the morning, he has the energy for about a thousand good steps during his day — and how he uses those steps defines the quality of his life. He said the smart home tech K4Connect was developing could help him make his life better.
Moody immediately pivoted the company to redirect its focus on serving those in similar situations, which didn’t just include individuals living with disabilities but also the broader senior market.
Image Credits: K4Connect
Today, the FusionOS-powered platform integrates a suite of solutions designed for residents in independent or assisted living facilities as well as other care facilities. This includes tools to stay connected to their families though voice and video messaging, as well as those for accessing a digital resident directory, playing games, and staying informed on the latest community news — ranging from COVID-19 updates to daily meal menus to updated visitation policies, or anything else the facility wants to broadcast.
For the facilities who purchase the software-as-a-service (SaaS) solution for their communities, there are other productivity tools they can use, like those for event management, resident surveys, resident and family management, communications, prospect communications, and more. Due the coronavirus outbreak, K4Connect is even developing an expanded video chat service that will allow residents to video call staff for their requests, instead of having staff enter their rooms.
Another key aspect to K4Connect’s solution is its smart home automation functionality.
The company provisions Alexa devices for residents, so they don’t have to configure devices themselves — they just plug them in. It also supports other home automation devices like smart thermostats, smart lights, motion sensors, sleep tracking devices, and more.
This is all managed by way of the company’s “K4Community” solution powered by the underlying FusionOS technology. Residents can access this as an app their own smartphones, on preprovisioned tablets, or even through digital signage in the facility itself.
The SaaS solution is priced based on per-resident basis and the cost depends on which modules the facility wants to use in their own setup. This can range from a few dollars per month per resident to tens of dollars per month per resident, Moody says, and includes support.
Image Credits: K4Connect
As it turns out, K4Connect had a bit of a head start in terms of working on solutions more specifically designed to meet the needs of its communities amid the coronavirus outbreak, thanks to advice from its investors.
“Having investors like Intel and AXA did provide a wider perspective,” says Moody. “I figured, look, they’re really concerned. They’re seeing this issue from a wider geographic perspective than we are,” he explains.
Moody already knew that even the flu impacted older adults more than the general population. Due to K4Connect’s market of seniors, he multiplied what investors were saying could be the impact of coronavirus by a much larger factor.
“We kind of saw it coming,” Moody admits. “Many people were not completely bought in yet at the end of February. But just at the start of March, we launched something called ‘Project COVID 911.’ I just thought it was going to have a significant impact on the economy, but more importantly, the people we serve. And we had to be in a position to react and support,” he adds.
“If I was wrong, then we were going to be more prepared. And if I was right, then we would be in a situation where we can actually help serve people,” says Moody.
K4Connect adjusted its roadmap to focus on specific areas, like communications, content delivery, and pre-provisioning the Alexa Dot speakers, in order to limit time spent installing in residents’ rooms, among other things. Today, its solution offers features like resident-to-resident video chat for those now stuck in their rooms, tools for booking time slots in the dining area for facilities limiting large groups, access to live streamed content — like those yoga classes you can’t attend in person — and more.
With the added funding, K4Connect, now a team of 57 full-time, plans to further expand into the senior market, including not only those in facilities and senior communities, but also those living in affordable housing on their own. The team is actively developing solutions for this market segment, Moody says.
“We are incredibly fortunate in our investor relationships in that they not only believe in our vision but equally value our mission,” Moody said, in a statement about the new funding. “Forte Ventures is a prime example of that relationship and we’re proud to welcome them to the bench of our valued investors. With their support, and all of our investors, we’re continuing to accelerate to serve as many older adults through technology as possible.”
[ad_2]
Source link
