Today, SafelyYou is thrilled to announce the close of a $30 million Series B financing round, led by Omega Healthcare Investors, a real estate investment trust that invests in the long-term healthcare industry. Omega also prepaid $10 million to have SafelyYou installed across its 944 facilities.
They’re joined in this financing round by SCAN Group, a mission-driven organization dedicated to keeping seniors healthy and independent. SCAN is supporting SafelyYou’s growth to help make our fall management technology available to a wider range of older adults.
Omega and SCAN join existing investors Eclipse Ventures, Foundation Capital, Founders Fund, and DCVC.
The funding comes at a critical time in senior care, as skilled nursing facilities and assisted living and memory care communities are being asked to do more with less. They’re facing severe staffing and budget challenges while trying to care for the largest-ever aging population, and falls remain a crucial concern. For those 65 and older, falls are the leading cause of injury. On average, it takes staff across the industry 40 minutes to respond to a fall event, and that’s without constrained resources.
SafelyYou offers a solution to these challenges, supporting residents, staff, and fall management goals in senior care. Our AI-enabled cameras detect falls with over 99% accuracy and only record fall events, then care staff is immediately notified for assistance. Because fall video is instantly available for review, staff can determine both the cause and severity of a fall. Armed with this information, they can better prevent future falls and assess the need for emergency services, thanks to SafelyYou. And that not only means improved resident and patient well-being—it means saving hundreds if not thousands of hours in unnecessary neurochecks in skilled nursing facilities and thousands if not hundreds of thousands of dollars in unnecessary ER visits in assisted living communities. SafelyYou helps staff be more effective and efficient, making better-quality care easier to provide, while reducing costs and risks for both families and senior care providers.
In fact, our most recent case study outlines how SafelyYou is a benefit in senior care. Following a successful pilot, Belmont Village Senior Living expanded SafelyYou across all 25 of their memory care communities over two years. During that time, SafelyYou helped the communities maintain a 4% rate of ER visits resulting from falls—well below the industry average of 17-25%. Using insights gained from SafelyYou fall video review, Belmont Village was able to increase resident safety and reduce unnecessary trips to the ER, while providing more personalized care.
For example, with the support of SafelyYou, Belmont Village was able to see that one resident who had been found on the ground—and sent to the ER out of an abundance of caution—was actually gently lowering herself to the floor some mornings. As a result of access to videos like this, Belmont Village staff was able to avoid unnecessary costly ER trips for the resident and make adjustments to better respond to her needs in those morning hours. The discovery from the SafelyYou fall video review provided relief for the family and the adjustments made by Belmont Village prevented more on-the-ground events for the resident.
Funding from this Series B financing round will help SafelyYou support more communities like those of Belmont Village, extend our reach to more people living with Alzheimer’s and other forms of dementia, and propel our mission of creating a world where falls are fewer and better-quality dementia care is more accessible. We’re grateful for the support we’ve received and excited for the opportunities this funding provides. Read the full press release here.