AlayaCare’s objective to deliver future home care through revolutionary innovation, data-driven insights, and a superior care worker experience, resulting in better patient outcomes and reduced provider costs, is fueled by the news
FREMONT, CA: AlayaCare, a global home, and community care software firm, recently announced a 225 million dollars CAD Series D funding round led by Generation Investment Management LLP with participation from Klass Capital and incumbent investors Inovia Capital (Inovia), CDPQ, and Investissement Québec. As a result, AlayaCare has grown significantly, now enabling over one billion patient visits worldwide. The United States is currently AlayaCares’ fastest-growing market, with a 7x increase in the last 24 months.
“Employee shortages and retention continues to be one of the biggest headaches for all home health providers. AlayaCare is uniquely positioned to help tackle common pain points related to scheduling challenges and balancing patient and caregiver preferences,” said Adrian Schauer, CEO & Founder, AlayaCare. “Our innovative technology helps run the back office more efficiently, allowing care staff to focus on outcomes instead of paperwork. Through the support and confidence of our investors, customers, partners and employees, we are excited to scale the AlayaCare platform and take the more sustainable home health-based model mainstream.”
AlayaCare’s objective to deliver future home care through revolutionary innovation, data-driven insights, and a superior care worker experience, resulting in better patient outcomes and reduced provider costs, is fueled by the news. AlayaCare plans to use the funds to continue its worldwide expansion, hire more employees, and spend more on innovative skills to produce a more comprehensive post-acute solution and products that address labor market concerns such as personnel shortages churn.
“We fundamentally believe that treating people in the home is key to building a sustainable health system that provides better outcomes at lower cost. AlayaCare provides a win-win for both patients and providers by meeting the strongly growing demand for care at home with a more modern, efficient, data-driven and easy-to-use system that vastly improves the experience for caregivers and their agencies,” said Dave Easton, Growth Equity Partner, Generation Investment Management LLP. “We look forward to supporting AlayaCare as it doubles down on its investment in R&D and builds out the next generation of home care and home health software, further building on its machine learning capabilities to help its customers prepare for a more tech-enabled, efficient and value-based future.”
According to Precedence Research, the global home healthcare industry is expected to develop at a CAGR of more than 8 percent. The rapid rise of the aging population, rising chronic illness incidence, a global lack of care professionals, and a shift to value-based compensation requires a rethinking of how care is given.
“There is an inflection point in the home care market and COVID-19 has confirmed our investment thesis in that sector,” said Dennis Kavelman, Partner, Inovia. “We are proud to continue to support AlayaCare as they execute their M&A playbook and accelerate their growth in the US market.”
AlayaCare’s leading software is used by more than 500 home and community care organizations worldwide to boost operational efficiencies with its modern, intelligent software. The platform’s Artificial Intelligence (AI)-based predictive models are a significant differentiator, allowing business owners to spend less time on manual activities and more time focused on developing their businesses as they try to fulfill the massive demand for home care from health systems. In addition, customers may incorporate the AlayaCare platform comprehensively inside their existing systems thanks to its robust third-party Application Programming Interface (API) connection. The agreement propels AlayaCare’s worldwide expansion strategy forward, allowing organizations all over the world to use the award-winning platform.
“With its sophisticated solutions that home health care agencies use to optimize performance and the quality of patient care, AlayaCare is a compelling example of how technology can be leveraged to serve communities,” said Alexandre Synnett, Executive Vice-President and Chief Technology Officer, CDPQ.” With the sharp rise in home healthcare around the world, AlayaCare is well-positioned to continue growing and consolidate the international market.”
“InvestissementQuébe, a leading investor in this round of financing, is proud to reaffirm its confidence in AlayaCare, a promising Montréal company that is reinventing the way home care is delivered. This is exactly what our agency is here for: working with solid investment partners to support growth and empower tomorrows technology leaders while helping to keep head offices and value-added commercial activity here in Québec,” noted Guy LeBlanc, President and CEO, Investissement Québec.
TD Securities Inc. served as the transaction’s exclusive financial advisor, while Aust Legal and Stikeman Elliott LLP functioned as AlayaCare’s consultants.