Montreal-based AlayaCare, which provides AI-powered cloud software for homecare providers, has raised a $51 million CAD Series C round.
iNovia Capital led the round, with participation from Caisse de dépôt et placement du Québec (CDPQ) and Investissement Québec. The round includes an $18 million secondary buyout of the company’s early investors. AlayaCare said this latest investment will help it focus on R&D to optimize its cloud technology.
“The homecare market is clearly shifting to a technology-enabled delivery model that expands the boundaries of care.”
“Homecare is evolving at a frenetic pace, and the market is clearly shifting to a technology-enabled delivery model that expands the boundaries of care,” said Adrian Schauer, AlayaCare’s CEO. “We are grateful that our capital partners, led by iNovia, share this vision and are propelling AlayaCare toward our ultimate goal: keeping millions of people well in the comfort of their homes.”
AlayaCare aims to help home and community care agencies manage all aspects of their business and operations through its cloud-based SaaS platform. The platform offers tools like real-time remote monitoring, as well as simplified billing and communications processes, to allow caregivers to better prepare for and manage home visits. With machine learning, AlayaCare claims it can improve task management by analyzing data and predicting events such as falls and hospital readmissions, creating algorithms from data captured from within its own platform, as well as from third-party systems.
“AlayaCare brings significant quality-of-life improvements by enabling patients to receive health care at home. Homecare solutions are especially adapted to elderly patients, who represent an increasing share of healthcare beneficiaries,” said Charles Émond, executive vice president and head of Québec Investments and Global Strategic Planning at CDPQ. “AlayaCare’s tech integration solutions save precious time for practitioners by automating clerical tasks. CDPQ is proud to embark on the next chapter of AlayaCare’s success story and contribute to one of the country’s leading healthtech companies.”
In November, the company raised a $13.8 million Series B led by iNovia Capital. In September 2017, it raised $2.4 million from Fonds Innovexport, an investment fund created by a group of entrepreneurs with Investissement Quebec, La Caisse de dépôt, Fonds de solidarité FTQ, Fondaction CSN, and the City of Quebec. It also announced $750,000 in FedDev Ontario funding in July 2017.
“We are pleased to help AlayaCare deliver on their mission to dramatically improve patient care and outcomes, through this new round of investment from the iNovia Capital Growth Fund,” said Dennis Kavelman, general partner at iNovia Capital. “We first invested in the team and their next-generation home healthcare software at the early stage, and after showing exceptional progress, we’re excited to partner with them to quickly scale up.”
AlayaCare now boasts over 200 employees and said it has earned over $50 million in growth capital since its official launch in 2014. According to The Globe and Mail, the company also generates over $10 million in annualized revenues. It has taken its platform to homecare providers in Dubai, the United States, and Australia, and last year secured the 18th spot on the 2018 Startup 50 ranking of Canada’s Top New Growth Companies.
The company’s overriding mission is to bring the homecare industry from its fee-for-service model to one that is tech-enabled and delivers better experiences for caregivers. It says its artificial intelligence technology and application program interfaces can help create a “digital environment” for this tech-ennabled model to take hold of the industry.
“We are proud to support AlayaCare, a major player in the home healthcare sector, and enable this software platform provider to launch an accelerated growth plan and acquire the flexibility needed to develop new markets, seize any opportunities for expansion that present themselves, and increase its presence and positioning in Québec,” said Guy LeBlanc, president and CEO of Investissement Québec.
Image courtesy AlayaCare via Twitter