Israeli AI care companion developer Intuition Robotics announced today that it has secured a first closing of $25 million financing round comprising $20 million in venture capital and $5 million in venture debt> The round is led by Toyota's growth fund Woven Capital with participation from Toyota Ventures, OurCrowd, Western Technology Investment, and other investors.
The new funds will be used to fulfil growing demand from government aging agencies and healthcare organizations for its AI care companion ElliQ. The funding will also allow the company to expand integration into healthcare systems and enable aging populations better connect with others, and access much-needed products and services while reducing costs.
Intuition Robotics has developed AI companion ElliQ, which is designed to enhance the lives of older adults by easing loneliness and promoting healthier and independent living. ElliQ has consistently demonstrated its ability to engage users over time and positively impact the lives of older individuals with its proactive suggestions and conversational capabilities. ElliQ provides companionship and support for older adults through daily health check-ins, cognitive and physical activities, connection to family and friends, and more, using a simple and intuitive interface.
The funding round follows a successful commercial launch with government agencies across the US. Intuition Robotics has initiated programs to distribute ElliQ at no cost to end users with the New York State Office for the Aging, the Area Agency on Aging of Broward County, the Olympic Area Agency on Aging, and California’s Agency on Aging in Area 4. In addition, the company signed its first agreement with a Managed Care Organization focusing on Medicare beneficiaries. In the state of New York, the product has shown unprecedented engagement levels with users averaging over 30 interactions with ElliQ per day. It has been proven to reduce loneliness for 95% of users.
Intuition Robotics was founded in 2016 by CEO Dor Skuler, Roy Amir and Itai Mendelsohn.
Skuler said, "We’ve seen the direct impact that loneliness has had on our aging community, but we’ve also seen the positive results our AI and technology have on the older adult population. Beyond the groundbreaking results in reducing loneliness - ElliQ is also seeing an impact on health, wellness, and behavior change. The latest advancements in AI have advanced ElliQ’s conversational capabilities to become even more contextual, personalized, and goal driven. We’re proud to be at the forefront of harnessing this technology for the benefit of our users. We are excited to utilize this new funding to deploy more ElliQ devices out into the world, further increase its accessibility, expand partnerships, and gain a deeper understanding of the role ElliQ can play in the healthcare ecosystem. We are grateful for the support of Woven Capital and our additional investors as we continue our mission to empower older adults to live happier, healthier, and more independent lives at home."
Published by Globes, Israel business news - en.globes.co.il - on August 29, 2023.
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