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Sage, a tech company focused on elderly care, has secured $15 million in Series A funding led by Maveron. The company’s platform enhances senior living community operations, providing real-time alerts for residents and reducing caregiver turnover by up to 40%. This investment will aid Sage in expanding its services and addressing the current healthcare worker shortage in the U.S.
Investment Boost for Elderly Care
Sage, a trailblazing technology company, has successfully secured $15 million in Series A funding. This funding round was spearheaded by Maveron, a new investor, and saw participation from other major investors like Goldcrest Capital, ANIMO Ventures, and Distributed Ventures. Natalie Dillon from Maveron will be joining the Sage board of directors, marking her entry as the first external board member.
Revolutionizing Senior Living Communities
Sage’s technology is designed to enhance the operations of senior living communities. Their unified care coordination platform offers real-time alerts, ensuring that residents receive timely assistance or care. These devices not only facilitate communication with care teams via the app but also gather crucial data that aids in analytics and insight generation.
Addressing the Healthcare Worker Shortage
The U.S. is currently grappling with a significant shortage of healthcare workers, compounded by an increasing elderly population. Sage’s technology is filling this critical void within senior living communities. Their modern care coordination platform provides incident response capabilities and equips care teams with comprehensive data-driven insights accessible through an integrated smartphone app. Communities that have integrated Sage’s platform have reported up to a 50% improvement in caregivers’ response times, a boost in caregiver satisfaction, and a staggering 40% reduction in caregiver turnover. Moreover, Sage’s collaboration with numerous senior living communities across the U.S. has led to a reduction in resident and family complaints by up to 90%.
The Impact of Sage’s Technology
Natalie Dillon highlights the transformative nature of Sage’s technology, emphasizing its ability to streamline communication within care teams, swiftly address potential life-threatening situations, and derive vital insights about residents’ care needs through data analytics. Given the escalating labor shortage among caregivers and the aging U.S. population, Sage’s technology is poised to address some of the most pressing challenges in the U.S. healthcare sector.
Future Prospects and Growth
This recent investment has propelled Sage’s total capital to $24 million, following a $9 million seed funding last year. These funds will bolster critical functions within the Sage team, facilitate the scaling of their current client base, and aid in the development of new high-value product features. This funding announcement coincides with recent platform enhancements that provide care managers with real-time insights, enabling data-driven decisions concerning resident care and staffing.
The Current State of Healthcare Staffing
A 2021 survey by the American Health Care Association and National Center for Assisted Living (AHCANCAL) revealed that almost every nursing home (99%) and assisted living facility (96%) in the U.S. is grappling with staffing shortages. The COVID-19 pandemic exacerbated these challenges, and the situation remains dire.
Raj Mehra on Sage’s Mission
Raj Mehra, the Co-Founder and CEO of Sage, articulates the company’s mission to enhance the care and quality of life for caregivers and older adults. He emphasizes the tangible outcomes and insights that Sage offers, which were previously inaccessible to senior living communities. He believes there’s still a lot more to achieve in this domain.
Sage’s technology is designed to empower care teams, enabling them to offer optimal support to senior living community residents. Their unified care platform captures vital data that can be life-saving, helping identify health anomalies, adjust levels of care, and provide transparency regarding staffing needs.
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