A Swedish startup named Aifloo has raised 5.1 million Euros in new funding for its “smart wristband” to help care for aging seniors. Described as a self-learning e-health system, the wristband uses hardware sensors and artificial intelligence in order to give peace of mind to caregivers and to improve the quality of life of seniors.
According to Tech Crunch, the startup’s first round of funding is being led by EQT Ventures and Henrik Landgren who report their investments are due to Aifloo’s quality team and large amounts of data and modern AI. The startup was founded by Felix Etzler, Anders Widgren, and Michael Collaros in 2015 as a means of detecting human behavior in a way that was non-intrusive and gave elderly persons a sense of greater freedom and independence while also providing relatives and caregivers with peace of mind.
“Aifloo is a completely new e-health system that continually learns about an individual’s behavior — detecting if something is wrong,” said Etzler. “We help seniors to keep going strong, give peace of mind to family and friends and augment the care delivered by professional caregivers.”
The smart wristband uses sensors and AI monitors to observe the wearer’s behavior. If something is out of the ordinary the wristband then gives off signals, which a caregiver can detect through the use of an app or other online devices.
For instance, an alert will be sent out through the wristband should the wearer fall, fail to take their medication, fail to get out of bed at their usual hour, or isn’t eating normally. Additionally, the wristband comes equipped with an alert button, which the wearer can press should something be wrong.
Aifloo’s wristband couldn’t have come at a greater time. Caring for the elderly has long been a concern for many Americans. Metabolic changes and lowered immune defenses make elderly individuals more susceptible to illness.
Additionally, the more years an elderly individual works — the average age of retirement is 63 — the more susceptible they are to work injuries. In 2013, the average American employee missed up to eight days of work due to occupational injuries. However, for those Americans over the age of 65, time spent away from work due to work-related injuries averaged 12 days. And more and more Americans are working over the age of 55. Of course, 75% of Americans are living paycheck-to-paycheck, which means that any time away from work can be extremely detrimental.
“We hope to help carers deliver the right care, at the right time, to those who need it the most, with a little help from technology,” said Etzler. “A lot of resource goes into manual surveillance [while modern solutions are] expensive, not customisable to the individual, or complicated.”
Thus far, Aifloo has made a big impact on healthcare businesses what with Aleris, one of Scandinavia’s leading private healthcare companies, as one of the startup’s earliest customers.
However, Etzler says the company’s next big move is to make a marketing jump toward in-home care companies. One of the earliest customers of Aifloo is Aleris, one of Scandinavia’s leading private healthcare companies