2020 has arguably been the most challenging year for humanity since the beginning of the 3rd millennium.

The optimism and celebrations of early January were quickly replaced with fear and uncertainty as COVID-19 reared its ugly head – a global pandemic that’s been referred to as a “once-in-a-century” event.

COVID-19 has impacted everyone, accelerating processes like the Digital Transformation and creating a New Normal which we are still struggling to figure out – but  how has it impacted the lives of older adults? Family caregivers? Long-term care providers?

Did age tech deliver on its promise during these tumultuous times?

The effect on the older population

For some of us, the implication of a global pandemic meant that we had to work from home, skip the gym and order everything in. For others, including the older and most vulnerable members in our society, sheltering in place meant prolonged periods of forced solitude, social isolation and loneliness – deepening problems which this demographic has already been struggling with.

The heroes of this pandemic were, without a doubt, frontline healthcare workers. They fought the battle for the lives of many who were hospitalized with the virus, risking their lives in the process. We clapped for them early on. But the unsung heroes of the pandemic were, in my opinion, direct-care workers who cared for older adults, in their homes and in facilities. Long-term care facilities, which are, in normal times, places most people never step foot in, and only a fraction of the older population lives in, suddenly became the focus of attention. Early on in the pandemic, it became clear that older adults were at a greater risk of severe illness and death from the virus. Local governments and congregate housing managers had to take swift, decisive action to prevent the virus from getting in and spreading among residents. Unfortunately, not all of those efforts bore fruit. According to the CDC, 80% of COVID-19 deaths reported in the U.S. have been in adults 65 years old and older, and a recent AARP report, more than 30% of COVID-19 related deaths occurred in nursing homes and other long-term care facilities. Those are significantly higher numbers than the 16.5% of older adults in the general population. Older adults who actually live in long-term care facilities account for a fraction of those (roughly 7% of older adults in the US).

The silver lining

They say that there’s a silver lining to every cloud, and I admit it is a challenge to find a silver lining to a global pandemic that took the lives of millions, and left many dealing with long-term effects on their health. Nevertheless, I believe that the focus we as a society finally put on our elders, their quality of life, and the discussion that arose on their right to live the last years of their lives with dignity and engaged with society, is that silver lining.

What about age tech?

Usually, around this time of the year, I highlight some of the events that shaped the past year in the age tech ecosystem. 

This emerging ecosystem, often misunderstood by outsiders, was shaken by the pandemic, in a good way. When older adults, family caregivers, and long-term care providers looked for solutions to problems the pandemic has either created or exacerbated, tech companies, and especially age tech companies, delivered.

As use of telehealth skyrocketed and resident engagement solutions suddenly became a “must have” in senior living, many age tech companies rose to the occasion, and scaled up their operations to meet the sudden increase in demand. Many of them released free versions of existing products, and companies in other areas of age tech were quick to release new features or product offerings to solve new problems.

CarePredict launched new features to its core product, to help with contact tracing of residents who tested positive for COVID-19, Papa Launched “Virtual Companionship” to provide “Assistance from a Distance”, and more than 8,000 echo dot smart speakers distributed to retirement communities by age tech startup K4connect. These are just a few examples.

Other age tech highlights from this past year (non-covid related)

• A new age tech fund, PrimeTime Partners, was launched and has already made multiple investments. The fund is led by veteran investor Alan Patricof and former SoulCycle exec Abby Miller Levy.
• Techstars’ Future of Longevity accelerator launched and their first cohort got to pitch in a virtual demo day.
• Honor closes $140M Series D to help independent agencies coordinate in-home care, bringing the company’s total funding amount to a whopping $255M.
• Tech enabled care startup Cera reached $120M revenue run rate in less than four years.
• Ready, an on-demand health care startup that delivers home- and community-based services, has raised $54 million in Series C funding, in which Google’s venture arm has participated
• Pointclickcare acquired collective medical for reported $650 million in care coordination play
• According to Crunchbase, as of Sept. 25, $368 million were invested in 40 age tech companies in 2020.