The Baby Boomer generation is getting old. By the year 2030, every single Boomer will be over the age of 65.
With the increase in the senior population comes an increase in the services they need. The country's home care market is expected to grow from $100 billion in 2016 to $225 billion by 2024, driven by an expanding elderly population, Business Insider reported last month.
In Boston alone, there were 88,000 people over 60 years old in 2010; by 2030, projected increases in the older population will result in as many as 130,000 seniors residing in Boston, according to a report commissioned by the city in 2014.
The local startup community is stepping up to help. We've rounded up seven different companies that provide smartphone-enabled training programs, VR experiences aimed at seniors and more.
CareAcademy
CareAcademy makes senior care training more accessible through its mobile-first platform. If you’re a private caregiver, CareAcademy will provide classes based on your state’s training requirements. With suggested and customized programs, the company has certified thousands. Helen Adeosun and Madhuri Reddy founded the company in 2013.
"Caregivers get so little training, I think people would actually be shocked," Adeosun told BostInno in 2017. That year, the startup graduated from Techstars Boston and raised a $1.7 million seed round. In November, it sold $800,000 of a $1.2 million equity funding round, according to an SEC filing. CareAcademy currently works out of Venture Lane, a new coworking space in Government Center.
connectRN
connectRN is a digital platform that schedules on-demand health care staffing. Health care facilities, like hospitals and assisted living centers, use the app to list available shifts for registered nurses to fill. To use the app, nurses simply need to sign up, submit their required documents and complete a “competency quiz.” If hired, they'll also receive training on how to use the software. On the facilities side, staffing managers can track open shifts and review nurses’ requests to fill them.
The platform was founded in 2014 by Idriz Limaj and Mike Wood. To date, connectRN has disclosed just over $11.5 million in equity and debt. The money comes from a variety of angel investing rounds. The latest one, said Wood, was a Series A round led by Jeffery Boyd, former CEO and current chair of Priceline. That money will allow Waltham-based connectRN to expand nationally.
Devoted Health
One of BostInno’s 2019 Coolest Companies finalists, Devoted Health is devoted to changing healthcare. Its grand idea: to partner with providers to offer seniors with Medicare Advantage plans individualized assistance with personal guides and technology support. The company raised $300 million in Series B funding in October 2018; it raised $62 million in 2017, the same year it was co-founded by Ed Park, Jeremy Delinsky and Todd Park. Devoted Health was nominated for "Healthcare IT Startup of the Year" by the New England Venture Capital Association earlier this year.
Eversound
This startup actually began as a device-maker for silent discos. Today, its founders have pivoted to serving seniors: at the highest level, Eversound wants to help seniors who have hearing loss or hearing impediments. To that end, the startup has developed a wireless headphone system that allows seniors in assisted living communities to tune into specific audio sources happening around them, whether that's a movie being shown, a game of bingo or a concert. Users just have to connect the audio device to the transmitter, and audio is communicated wirelessly. An Eversound set includes headphones, a transmitter, a portable charging case and a clip-on microphone.
The company was founded in 2015 by Jake Reisch, Matt Reiners, and Devin Jameson. It closed a $3 million seed round in 2016, and in February this year, it raised a $5 million Series A round led by Ron Feinstein, former CEO at Lifeline Systems, with participation from Shelter Group, Red Bear Angels and 10X Ventures.
Kinto
Meet Kinto, an app that strives to be "kin to you." It offers caregivers a set of digital tools, like a to-do list and medication management systems, to help them take care of aging loved ones. The app also has a community feature that allows seniors to connect with other Kinto users.
Founded in 2016 by the serial entrepreneurs at Redstar Ventures, Kinto was selected as a finalist at the 2017 AARP Innovation@50+ LivePitch, a two-day pitch competition for emerging startups in the health and financial technology sectors.
QMedic
We're all familiar with Life Alert commercials (and the resulting memes), but has the medical alert system been updated since “I’ve fallen and I can’t get up” went viral? QMedic thinks so. The startup aims to create the medical alert device for a new generation. With cellular, landline and mobile GPS services, those in need can contact QMedic’s call center or relatives based on the severity of the injury. The device is waterproof and does not need to be charged. It comes with a "home base" with a two-way speakerphone, and it sends proactive alerts if the system senses abnormal behavior from the wearer. David Nelson, Fahd Albinali and Sombit Mishra founded QMedic in 2010. Since then, the company has been awarded millions of dollars in grants from the National Institutes of Health and the National Cancer Institute.
Rendever
Depression and social isolation are epidemics that affect residents in senior living centers, and Rendever want to help. Rendever is a virtual reality experience aimed at seniors, especially those with dementia, who can no longer explore the world by themselves. Co-founded by Kyle Rand, Thomas Neumann, Reed Hayes and Dennis Lally in 2015, Rendever uses customized reminiscence therapy to transport seniors to places from their pasts or bucket-list locations they’ve always wanted to see, all within the walls of their care facility.
“Virtual reality is definitely going to be a big force in the tech market,” co-founder Reed Hayes told BostInno in 2016. “We want to use it for this older population, a demographic who can benefit the most from it but who are the least capable of using it themselves.”
Rendever graduated from the TiE ScaleUp accelerator in 2018.
