WellAWARE gets $7.5 million in VC funding
OCEANSIDE, N.Y.—WellAWARE Systems, a developer of wellness monitoring solutions for senior care providers that recently entered into a technology-integration collaboration with PERS provider American Medical Alert Corp., announced this week $7.5 million of growth capital from Valhalla Partners and .406 Ventures. The funds will allow the company to better serve the rapidly growing senior care technology market. According to the release, Forrester Research forecasts remote personal health monitoring sales to increase by 580 percent over the next five years.
According to Valhalla general partner Kevin Green, Valhalla’s investment furthered the company’s mission of investing in companies whose mission is to innovate, challenge and fundamentally change the dynamics of new and existing markets. “WellAWARE is focusing on one of the biggest issues of our generation. The American population is aging at unprecedented rates and healthcare costs continue to grow at unsustainable rates. We need to be identifying better ways that will enable seniors to retain their independence and stay at home as long as possible,” Green said in an email interview. “Unlike any other solution in the marketplace, WellAWARE’s solution was one that was built for the industry by the industry. The company’s CEO, Jeff Noce, is a senior care industry veteran with a strong technology background … We are looking forward to building a great company and most importantly, improving the lives of seniors around the world.”
Noce said the infusion from Valhalla and .406 positioned WellAWARE to explode into its growing market. “Over the last few years R&D at WellAWARE has been focused on creating the different technologies and piloting and testing them. We made sure it does what it’s supposed to and adds value to the end user,” Noce said. “Now that we have the capital, it’s validation to all the R&D we’ve done. This gives us the platform to launch our solutions through professional caregivers nationwide.”