Digital transformation of aged care now under acceleration
NEW YORK: A new AI-powered platform makes sustainable healthcare a reality with better client outcomes, lower costs, and better experiences for care workers
AlayaCare, a global aged care software company, today announced a AUD$241 million (USD$183M) Series D funding round led by Generation Investment Management LLP with participation from Klass Capital and incumbent investors Inovia Capital (“Inovia”), CDPQ, and Investissement Québec. AlayaCare has scaled its business substantially powering more than one billion client visits around the world. The US is now the fastest growing part of AlayaCare’s business, representing 7x growth in the last 24 months.
Today’s announcement fuels AlayaCare’s mission to deliver aged care of the future through transformative innovation, data-driven insights, and a superior care worker experience that ultimately delivers better client outcomes and lower costs for providers. AlayaCare will use the funding to continue global expansion, hire additional staff and further invest in innovation capabilities to build a more complete post-acute offering in addition to products that help solve labour market issues around employee shortages and churn.
According to Precedence Research, the global aged care market size is anticipated to grow at a CAGR of more than 8%. In Australia alone it’s projected that the number of people aged 65 and over will increase by more than double to 7.5 million by 2050. The explosive growth of the ageing population – combined with a growing prevalence of chronic diseases, a global shortage of care workers and a shift to value-based reimbursement – is forcing a rethink of how care is delivered.
“Employee shortages and retention continues to be one of the biggest headaches for all service providers. AlayaCare is uniquely positioned to help tackle common pain points related to scheduling challenges and balancing client and care worker preferences,” said Adrian Schauer, CEO & Founder, AlayaCare. “Our innovative technology helps run the back office more efficiently, allowing care staff to focus on outcomes instead of paperwork. Through the support and confidence of our investors, customers, partners and employees, we are excited to scale the AlayaCare platform.”
Today, more than 500 aged care organisations around the world rely on AlayaCare’s leading software to improve operational efficiencies through its modern, intelligent software. A key differentiator of the platform is its artificial intelligence (“AI”)-based predictive models that enable business leaders to spend less time on manual tasks, and more time focused on growing their organisations as they seek to meet the huge demand coming from health systems for aged care. The AlayaCare platform also has robust third-party application programming interface (“API”) integration, enabling customers to integrate it holistically within their existing systems. Today’s announcement accelerates AlayaCare’s global growth strategy and will enable organisations around the world to access the award-winning platform.
“We fundamentally believe that treating people in the home is key to building a sustainable health system that provides better outcomes at lower cost. AlayaCare provides a win-win for both clients and providers by meeting the strongly growing demand for care at home with a more modern, efficient, data-driven and easy-to-use system that vastly improves the experience for care workers and their organisations,” said Dave Easton, Growth Equity Partner at Generation Investment Management LLP. AlayaCare provides a win-win for both clients and providers by meeting the strongly growing demand for care at home with a more modern, efficient, data-driven and easy-to-use system that vastly improves the experience for care workers and their organisations,” said Dave Easton, Growth Equity Partner, Generation Investment Management LLP. “We look forward to supporting AlayaCare as it doubles down on its investment in R&D and builds out the next generation of aged care software, further building on its machine learning capabilities to help its customers prepare for a more tech-enabled, efficient and value-based future.”
“Avivo is a long-time AlayaCare customer. Our business, staff and customers have benefited greatly from AlayaCare’s innovative solutions that directly help us support people living with disability or ageing to live a good life and to thrive in their community,” said Sue Paterniti, Technology Lead, Avivo. “We’re thrilled about AlayaCare’s continued growth and commitment to building better products and being responsive to market changes and the new regulations, so we can serve our customers better now, and into the future.”
Since its launch, AlayaCare has experienced double-digit growth, expanded its operations in the US, Canada, and Australia and now employs nearly 500 staff with aims to hire an additional 300+ employees over the coming years.