19th November 2019
Italian start-up TeiaCare announced today that the EIT Health Investor Network helped them raise €1.1 million in funding to accelerate the development of their digital monitoring technology, Ancelia, which uses artificial intelligence and computer vision algorithms to assist nurses in the care of elderly patients.
The growth in the population of older people in Europe is said to be linked to higher costs in healthcare, due to the risk of co-morbidities and the decline in mobility. However, if appropriate measures, such as better coordinated care, are implemented at the right time it, is believed that ageing does not directly lead to significant increases in the cost of healthcare.
“In Europe, we have a rapidly ageing population – currently, 16% are over the age of 65, and this is expected to increase to 25% by 2030,” said Dr. Kurt Höller, Director of Business Creation at EIT Health. “A large focus for EIT Health is to improve the quality of life for people as they age, so that they can remain independent and disease-free for as long as possible. Supporting innovation that aims to improve the care of the elderly is extremely important as there has been an under-representation of new solutions in this field.”
Ancelia is currently available in Italy, and TeiaCare is in the process of launching the technology across many other European regions, including Spain, France and the UK. Developed with the input of healthcare professionals and caregivers, Ancelia is designed to make elder-care facilities a safer and more efficient environment for older patients by utilising technology to monitor and track their movements and condition(s). The solution uses an optical sensor, positioned on the ceiling above the bed and powered by proprietary computer vision and artificial intelligence algorithms to facilitate smart monitoring, alerting and reporting. The data collected are then used to anticipate and prevent injury and deterioration of health.
“We are determined to support both patients and caregivers by providing them with access to smart technology that can make their lives safer and easier,” said Guido Magrin, CEO and Co-Founder of TeiaCare. “I am proud of the progress that we have made to date in innovating the care of elderly patients in Italy, and I look forward to expanding our geographical reach so that we can help many more patients across Europe.”
TeiaCare was established in January 2018 by three young innovators: Luca Iozzia, Guido Magrin and Roberto Salamina. The team were inspired by the personal experience of Guido’s grandfather, who was a long-term resident of an elderly care facility, and who developed severe complications during his time there.
About the EIT Health Investor Network
The funding for TeiaCare was raised with support from the EIT Health Investor Network. Part of the EIT Health Accelerator, the Investor Network is a pan-European network that connects promising healthcare start-ups with private and institutional investors for financing and co-investment. Through the Network, start-ups seeking early-stage private equity funding of more than €500 000 have the opportunity to be introduced to more than 45 early stage venture funds, family offices and institutional investors, as well as 800 private business angels. The Investor Network is now taking applications from interested healthcare start-ups.
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