CEOc is making its first investment from the Aging Innovation Fund.
New York-based Duos Living Inc. (stylized DUOS) has raised a $10 million round of funding led by the Aging Innovation Fund and venture capital firms Primetime Partners and SFJ Ventures, according to a news release.
The investment is a milestone for CEOc, which aims to spur greater economic development in Louisville by establishing it as a center of innovation in the aging care space. The organization, formerly known as the Louisville Healthcare CEO Council, announced plans to raise the $50 million Aging Innovation Fund in 2021, with the goal of pulling entrepreneurs in the aging care space to the area and raising the city’s profile as a source of innovation. The fund is managed by the Castellan Group.
“We are so excited to announce our first investment from the CEOc Aging Innovation Fund,” said Tammy York Day, president and CEO of CEOc, in the release. “Through our innovation engine, we have identified many great startups in the aging space but often these companies struggle for the capital needed to grow. The CEOc Aging Innovation Fund allows us to bridge the funding gap for these highly innovative companies, unlocking more opportunities to scale.”
Founded in 2020, Duos provides technology and engagement products to health insurance companies, health systems and employers, according to the release. Its platform helps reduce the time it takes to identify benefits, community resources and government programs for older adults.
The funds will be used to fuel the company’s growth, according to the release, and comes on the heels of a $15 million capital raise last year. Duos has raised more than $33 million since its founding.
“The Aging Innovation Fund and Castellan Group are leaders in the aging innovation space, and their investment in DUOS is reflective of our strong track record of success at addressing aging needs. This funding will allow us to continue investing in our underlying technology and expand our impact with more older adults and caregivers,” said Karl Ulfers, co-founder and CEO of Duos, in the release.
