Newcastle startup Circadacare has raised £1.3 million investment to launch its remote-monitoring solution, Heleos, this quarter.
Circadian Lighting Limited, trading as Circadacare, said the funding was led by the North East Innovation Fund, supported by the European Regional Development Fund and managed by Northstar Ventures, alongside angels.
Additional grants of £358,000 provided by Innovate UK through the Healthy Ageing Innovate UK (HAIA) grant and £80,000 Longitude Prize on Dementia will also boost the deployment of its technology.
Circadacare aims to positively transform the lives of the elderly living alone. The company has developed Heleos, a remote-monitoring solution for the independent living care market. Its light technology is proven to support sleep and alertness, which can result in reduced falls, improved cognition and engagement, and alleviate ‘sundowning’.
Circadacare offers families and caregivers peace of mind, ensuring that their loved ones receive gentle, non-invasive care that helps synchronise their circadian rhythms while promptly notifying care providers of any notable lifestyle changes.
Currently there are over 7.2m people over the age of 75 in the UK, with 2.4m of those living alone in their own homes. By 2030, the number of people over the age of 65 in the UK will rise by 33%. Circadacare aims to help support the care sector, namely Local Authorities, to become tech enabled and keep informed on service users who may or may not need hands-on support from care professionals.
“We appreciate this vote of confidence from our investors and Innovate UK,” said James Theobald, founder. “This funding and award will help us to continue our mission of helping individuals live independently for longer.
“By harnessing the combined potential of circadian light technology and advanced AI monitoring we can deliver top-tier independent living solutions.”
Richard Charnley, investment director at Northstar Ventures, said: “We are proud to invest in an organisation such as Circadacare who provide a healthy ageing solution to help people live independently for longer.
“Their technology has the potential to massively reduce people’s reliance on health care providers and give peace of mind to families and caregivers. We fully support Circadacare’s expansion and believe they will grow from strength to strength.”