HomeTechnologyArtificial intelligencecare.ai Secures $27M from Crescent Cove Advisors to Introduce Ambient Intelligence to...

care.ai Secures $27M from Crescent Cove Advisors to Introduce Ambient Intelligence to Healthcare

care.ai

The industry’s first Smart Care Facility Platform reimagines AI-driven care delivery models and optimizes clinical staffing

ORLANDO, Florida, Nov. 21, 2022 (GLOBE NEWSWIRE) — care.aithe first and only AI-powered healthcare environment monitoring platform, today announced $27 million in funding Crescent Cove Advisorsa multi-asset investment company focused on technology investments to accelerate growth and scale deployment of the industry’s first smart healthcare delivery platform in the U.S.

care.ai’s Smart Care Facility Platform transforms healthcare environments, such as hospitals and nursing homes, into responsive healthcare facilities that continuously monitor and streamline clinical and operational workflows. Powered by AI-enabled edge sensors, the platform surfaces real-time inferences and insights to alert and report on activities that help healthcare facilities improve quality, safety and compliance while optimizing clinical staffing. Innovative capabilities such as Virtual Nursing, Virtual Sitting and Ambient Monitoring can be easily enabled through care.ai’s Command Center, unlocking a wide range of use cases that improve patient outcomes and enable more humane care.

The company has already deployed its technology in more than 1,500 facilities in the US, including hospitals, skilled nursing facilities, and assisted living facilities. care.ai plans to use funding from Crescent Cove Advisors to build on its continued success and become the industry leader in providing ambient intelligence to healthcare.

“The physical, emotional and economic burden on our caregivers has never been more challenging. Processes remain manual and time consuming, and care teams are saddled with cumbersome tasks and documentation – and unfortunately clinicians and patients suffer the consequences,” said CEO and founder of care.ai, Chakri Toleti. “Our mission is to enable the transformational promise of a smart healthcare facility, delivering a level of care the world has never seen. We’ve expanded our platform over the years as we partnered with the nation’s leading health systems and long-term care organizations. I am thrilled to have Crescent Cove’s support as we continue to scale and execute.”

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care.ai’s technology is transforming healthcare environments to address some of the nation’s most pressing healthcare challenges, including the critical nurse shortage and fiscally unsustainable healthcare models. reports project that approximately 1.2 million new registered nurses (RNs) will be needed by 2030 to address the current shortage, straining an already overburdened system. In addition, hospital safety and security protocols have evolved dramatically without a centralized system to facilitate those changes. The care.ai platform alleviates these pain points by saving nurses valuable time and offloading care teams, while creating a single technology solution that hospitals can rely on to keep patients and care teams safe and effective.

Toleti is a successful entrepreneur and innovator in the healthcare IT industry. Prior to founding care.ai, Toleti was the president and co-founder of HealthGrid, a patient engagement platform designed to connect patients and caregivers through their smart devices. In 2018, HealthGrid was acquired by Allscripts. Prior to that, he co-founded Galvanon, the company that first introduced patient self-service kiosk registration to automate patient check-in and intake at hospitals. Galvanon was acquired by NCR in 2005.

“We are excited to partner with Chakri and his talented team, who have a proven track record of innovating and building successful businesses in healthcare IT,” said Jun Hong Heng, Founder and Chief Investment Officer at Crescent Cove Advisors. “Through AI and smart technology, care.ai improves the lives of both healthcare teams and their patients. We look forward to supporting the company in its critical mission to transform the way healthcare is delivered.”

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About care.ai:

care.ai’s transformative innovation enables AI-powered smart care facilities to monitor and learn from ambient clinical and operational workflows in real time to predict, prevent and protect, optimizing the patient and caregiver experience and ultimately more human care is driven. Deployed in more than 1,500 healthcare facilities, Care.ai partners with health systems and long-term care facilities to fulfill the company’s mission to deliver on the transformational promise of a smart healthcare facility, delivering a level of care never seen before . For more information, go to care.ai.

About Crescent Cove Advisors:

Crescent Cove is a multi-asset investment company focused on technology investments and committed to supporting entrepreneurs and founders. Founded in 2016, Crescent Cove leverages its global network of relationships and unique insight into markets, emerging industries and technologies to build businesses and accelerate value creation in its portfolios. For more information, visit www.crescentcove.com.

Media contacts:
For care.ai
LaunchSquad
careai@launchsquad.com

For Crescent Cove
Doug Donsky, ICR
Doug.Donsky@icrinc.com
(646) 677-1844

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