Technology

This startup just raised $320M to make long-term care inside hospitals obsolete – TechCrunch

Cera, a UK provider of healthcare in people’s homes complemented by a platform that allows caregivers to monitor a patient’s health and identify potential problems, has raised $320 million ($260 million) in an equity and debt funding round pounds sterling) which are split approximately 50/50.

The equity side of the funding round was led by Cera’s existing investor Kairos HQ, along with Vanderbilt University Endowment, Schroders Capital, Jane Street Capital, Yabeo Capital, Squarepoint Capital, Guinness Asset Management, Oltre Impact, 8090 Partners, technology investor Robin Klein ( from LocalGlobe ) and other. Cera declined to name his debt partner.

The company now plans to expand from 15,000 patients to up to 100,000 a day. Ironically, the bed capacity of 15,000 patients is roughly equivalent to the 40 NHS hospitals promised by Britain’s ruling Conservative Party more than two years ago, which have not yet been delivered.

The stat shows how home patient care is being radicalized by tech startups that either use remote monitoring or employ caregivers to manually enter patient details into apps. Eventually, it will likely make long-term care in hospitals obsolete, as the home can be an equally efficient place for care.

It is estimated that more than 88% of US hospitals and healthcare organizations are investing in remote patient monitoring technology. US-based startups in this sector include GYANT, which raised $23 million, Neteera ($8.5 million), and Binah.ai ($13.5 million).

Cera’s proprietary system is less tech-heavy, but it’s still clearly on the road to more automation, in the way Uber and Lyft drivers could one day be replaced by driverless cabs.

The company, which also operates in Germany, offers home care, nursing, telemedicine and prescription delivery services and claims it’s 10 times cheaper than treating a patient in a hospital. Staff collect patient symptoms and health data at home, which is then used to predict worsening conditions before they occur and trigger medical interventions. The company claims this can reduce hospitalization rates by over 50% and has other benefits such as: B. reducing falls and infections in patients and improving adherence to medication and prescriptions.

With hospitals strained after the worst of the pandemic and staffing tight, it’s likely that these tech-enabled services will gain traction among healthcare providers.

dr Ben Maruthappu MBE, who launched the startup in 2016, told me: “What we do just reflects what has happened in other industries, such as ride-hailing or other services that come right to your door. Most health technicians now graduate in household health care. We started with older people as they have a high frequency of care visits.”

He said Brexit was having a negative impact on healthcare in the UK, with up to 7% of NHS staff hailing from the EU, but claimed Cera was able to recruit people from other sectors into healthcare positions fairly quickly to retrain. “Over 60% of the people we hire come from healthcare backgrounds. It’s like when ride-sharing had a breakthrough, when it became more accessible to non-cab drivers,” he said.

Maruthappu added that the company intends to eventually move to a SAAS model, where it would allow other technology and care providers to use its services.

https://techcrunch.com/2022/08/03/this-startup-just-raised-320m-to-make-long-term-care-inside-hospitals-obsolete/ This startup just raised $320M to make long-term care inside hospitals obsolete – TechCrunch

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