After a new financing round of $1.4 million, Swedish insurance provider Länsförsäkringar is Aifloo’s new investor.
Aifloo has developed a platform to increase safety and security for elderly and disabled people, with a long term plan to focus on serving the chronically ill. The secret ingredient? Artificial intelligence.
Aifloo uses AI to provides responsive health monitoring at home
After a new financing round of $1.4 million, Swedish insurance provider Länsförsäkringar is Aifloo’s new owner.
Aifloo has developed a platform to increase safety and security for elderly and disabled people, With a long term plan to focus on serving the chronically ill. The secret ingredient? Artificial intelligence.
Aifloo has just completed a round of financing of $1.4 million, most of which comes from existing owners.
However, there is major new investor – Länsförsäkringar Sak, Sweden’s largest insurance provider in the health and safety sector. Though they would not comment on the amount invested, Länsförsäkringar is now the owner of Aifloo.
In a written statement, Länsförsäkringar’s President of Health Thomas Abrahamsson said, “Aifloo operates in a very exciting area. We see great opportunities to offer customers new, modern security solutions in the future.”
With this round, Aifloo has raised a total of $2.8 million since being founded in March 2015 by Felix Etzler, Anders Widgren and Michael Collaros.
So far, the company has not garnered much attention, but they have quietly added a real heavyweight to their board – namely Ove Joanson.
A real-media veteran, Joanson served as CEO and chairman of the state-owned Swedish Radio. He was also instrumental in starting the newspaper 20 Minuter (20 Minutes).
“It is a privilege to work with such talented people who use technology to improve life for of all of us,” said Mr. Joanson in a written statement.
Joanson is referring to Aifloo’s platform, which uses AI to learn people’s habits and behavior via motion tracking and behavioral analysis. The idea is that this technology will allow the elderly and disabled to live at home safely and independently.
Customers wear a bracelet which tracks their movements and body temperature by sending data to monitoring devices placed in each room of their home.
The data is then analyzed in the cloud. When abnormal behavior is detected, an alarm is sent to caregivers via an app.
The alarm can be triggered if a client falls, sits still for a long time, or demonstrates “confused” movements. Once they receive the alarm, caretakers and family members can then directly check-in with the patient.
To date, Aifloo has focused on R&D, but are now moving into the marketplace. Together with several partners, including healthcare provider Aleris, Aifloo is rolling out 100-200 pilot systems.
Co-founder Anders Widgren told Breakit: “Currently, our customers are mainly healthcare companies, both private and state-owned. But in the long term, we plan to also target private consumers.”
According to Anders Widgren, the company has seen interest in the product in the US, Asia and Central Europe. So, it may be time to bring in additional capital.
“Now we have just closed an ‘intermediate’ round, as we are calling it, of $1.4 million. The plan is now to take in a larger A series round next year,” said Mr. Widgren.
With that additional capital, Aifloo hopes to begin establishing themselves outside Sweden during the next year.