Health Invest Finland, a Helsinki-based digital healthcare company announced the close of its latest round of funding. A $1.5 million round was led by Finnish funds Kuus Invest, Viavan Oy, and business angel investors from Europe. The funds were raised for Health Invest’s initial global installations of My+Care (MyPlusCare), a cloud-based health and wellbeing service solution for the elder care market. Health Invest is already operating in Europe and Asia, and is expanding in the US market this year. The company plans to expand to China and Africa in 2018.
My+Care living labs have built a system that connects all patient data, including movements and vital signs, through a network that involves caregivers, family members, and related partners. To facilitate that My+Care uses patented AI, machine learning, and IoT solutions to deliver real-time care. My+Care’s AI algorithms learn over time, creating smarter decisions and detecting patient abnormalities.
Based on patented innovations from the CTO of the company Mostafa Hanifi, My+Care’s networked system is able to receive patient data from proprietary wristbands and smart wireless beacons and send it through a mobile app to caregivers as well as hospitals, relatives, companies, doctors and clinics, and others. Using the My+Care Cloud solution communication can be managed in real-time. The overall service is designed with machine learning algorithms that can deliver predictive care, based on personalized data.
“The sign of a civilized society is how well it treats its weak and elderly citizens. We live in a world that cannot accommodate an aging population without adapting healthcare to readily-available technology. The value of elder care, globally, needs to rise to meet a rapidly growing set of demands for more effective real-time care,” said Kalle Soderholm, CEO of Health Invest. “The development of our My+Care service-solution is specifically aimed at treating the needs of all stakeholders in the elder care market with an intelligent set of tools that can learn and adapt dynamically to the needs of patients and health organizations.”
According to the United Nations Department of Economic and Social Affairs, the number of elder persons (aged 65 years or over) is expected to more than double from 841 million people in 2013 to more than 2 billion in 2050. More than $30 billion is spent annually in the US on healthcare related to falls, which is the leading cause of death due to injury among the elderly.