This Las Cruces-based telehealth business has grown its revenue faster than many — by one measure — and it just announced a $40 million-plus funding round to continue its rapid advancement ahead of rolling out a new telehealth technology.
Electronic Caregiver, a telehealth technology company based in Las Cruces, announced Monday it closed a $42.5 million round. Repeat investors provided over 90% of the money, according to the company's news release.
The money will go toward "general operations," said Joe Baffoe, president of Electronic Caregiver. The company's main product is a telehealth "smart hub" called ProHealth, which is run on a platform called ADDI. ProHealth allows users to connect live with practitioners, monitor health metrics and provide other services through voice activation or Bluetooth.
ADDI, the platform ProHealth uses, has been in development for over five years, Baffoe said. But Electronic Caregiver's latest technological development is another product that uses the ADDI platform, called Addison.
"Addison is the face of the ProHealth," Baffoe said. "Addison can do more than ProHealth because she can see you. She has a camera, she has facial recognition. There are so many more things that Addison can do."
Electronic Caregiver showed Addison for the first time at the 2022 HIMSS Global Health Conference on May 3 in Atlanta. It's currently in testing with around 150 households, Baffoe said. Electronic Caregiver is "getting results on her" from those home tests and is taking pre-orders for Addison from assisted living and rehabilitation centers, he said.
"Addison will be sold into the market this year," Baffoe said.
Besides Addison, ECG has also built a clinical care triage center on the third floor of its new building, the 11-story Las Cruces Tower that it purchased this summer. The triage center is staffed by 160 personnel, Baffoe said.
Money from this round of financing will go toward additionalhiring and payroll expenses as well as further research and development for the ADDI and Addison technologies, Baffoe said.
Baffoe said that ECG is currently working with "some massive strategic partners" to start shipping out the Addison technology on a larger scale.
"It could really, really transform the company if we get the right strategic partner," Baffoe said.
ECG was founded in 2009. It's expanded quickly with its ProHealth product and with its purchase of the Las Cruces Tower, all the while bringing hundreds of jobs to the southern New Mexico city.
