The Most Exciting Age Tech Startups For 2021
2020 has been a rough year for humanity, but a great year for some age tech startups (read the annual age tech recap here). Despite the pandemic, crunchbase reports that 40 age tech companies raised $368M between January and September of 2020.
Some companies that relied on in-person experiences faltered, and others pivoted, launched new products or features and leveraged an unprecedented event to grow the business.
Which age tech companies have shown significant growth in the past year and are the ones you need to watch in 2021?
Growth Stage Companies To Watch
Making its third consecutive appearance on the “age tech startups to watch” annual list, is Papa. Papa was founded in 2017 as a connector between the gig economy and the longevity economy. Their online platform connected college students to older adults who need transportation, house help, technology lessons, companionship, and other services. Since then, they’ve grown and adapted to market demands. Switching from “Grandkids on demand” to “Family on demand” in 2019, launching their Virtual Visits and Papa Health in 2020, and expanding their line of services and states served to 17 states.
Why are they on the list?
Papa plans to expand to all 50 states by 2021. Considering the amazing growth this company has shown in recent years, and their recent $18M B funding round, they are definitely on the right track.
Although Honor has been mentioned multiple times on this blog, this is their first appearance on this list.
Established in 2014 by serial entrepreneurs who sold their previous companies to Google and Slack, and backed by some of the world’s best VCs, honor set to disrupt the fragmented (and fast-growing) non-medical home care market. After a slight pivot in their business model made in 2018, Honor is now one of the fastest-growing, non-medical home care companies in the U.S., currently providing care to families in California, Texas, New Mexico, Arizona, Ohio, and Michigan.
Why are they on the list?
Following their recent $140M series D, Honor is one of the most well-funded age tech companies operating today. With their unique business model and significant traction, they will, undoubtedly, disrupt home care.
Another major player in the tech-enabled home care space is Cera, based in the UK.
The award-winning startup was founded in 2016. In 2020, Cera raised £54M, launched its SmartCare technology nationwide, and acquired care company Mears Care. This strategic £30m acquisition has boosted Cera’s employee numbers to 2,000, with 20 offices across the country and the ability to deliver more than 10,000 visits a day.
Why are they on the list?
With cash in the bank, a nationally available product and a strategic acquisition under their belt, Cera is set to dominate the UK’s home care market.
This is the 2nd time Intuition Robotics appears on this list (full disclosure – I used to work at IR). The startup behind social robot ElliQ has come a long way since its founding in 2015. The company has not only built the world’s first social robot designed with and for older adults, but also expanded its product line to include tools for creating digital companion agents without code, automotive solutions and more features for ElliQ.
Most recently, in an interview with Scott Amyx, Intuition Robotics’ CEO, Dor Skuler noted that after building a relationship based on trust with her users, ElliQ is able to offer them a more holistic experience, and contribute to their physical and emotional well-being in more significant ways. In a world where older adults have been sheltering in place for months, this is revolutionary.
Watch the last part of the interview in which Skuler discusses the company’s roadmap:
This is the 2nd time Intuition Robotics appears on this list (full disclosure – I used to work at IR). The startup behind social robot ElliQ has come a long way since its founding in 2015. The company has not only built the world’s first social robot designed with and for older adults, but also expanded its product line to include tools for creating digital companion agents without code, automotive solutions and more features for ElliQ.
Most recently, in an interview with Scott Amyx, Intuition Robotics’ CEO, Dor Skuler noted that after building a relationship based on trust with her users, ElliQ is able to offer them a more holistic experience, and contribute to their physical and emotional well-being in more significant ways. In a world where older adults have been sheltering in place for months, this is revolutionary.
Watch the last part of the interview in which Skuler discusses the company’s roadmap:
Why are they on the list?
Having raised their B round of $36M just before Covid hit, and data from more than 20,000 days ElliQ spent in the homes of older adults, Intuition Robotics is on the right path to achieve its mission to “create enduring relationships between humans and machines through digital companion agents that influence users’ behaviors and emotions, starting with improving the lives of older adults.”
Early Stage Age Tech Companies To Watch
One of the biggest challenges in aging is falls. Falls are the leading cause of injury-related visits to emergency departments in the United States and the primary etiology of accidental deaths in persons over the age of 65 years. According to the CDC, one out of four older adults will fall each year in the United States. Research has shown that exercise can play a major role in preventing falls for older adults, so although Bold isn’t developing fall prevention technology per-se, its online program that helps older adults build and maintain muscle mass, and try different types of exercise in the comfort of their own home, can go a long way towards fall prevention.
Why are they on the list?
Bold is a young company that was founded in 2019 and soon launched its direct-to-consumer offering. Since then, they’ve managed to also launch a B2B offering geared towards Medicare Advantage plans, dual eligible plans, and healthcare providers.
The founders of The Helper Bees (THB) have extensive experience in home care and senior living, so when they founded The Helper Bees in 2015, it was clear they have the knowledge and experience to change home care from within.
THB is changing the way care is delivered at home. They partner with insurance companies and families directly to deliver the best quality care and the right tools to improve the home care experience.
The company licenses its mobile app to insurance carriers so they can know when interventions are needed.
In 2020, THB raised their A round, $6M after growing their revenue eight times over the course of 1 year. So far, THB counts 12 insurance carriers as partners. They recently acquired nurse care management company Dimensions and are planning on expanding into other verticals, including worker’s compensation and disability insurance.
Why are they on the list?
Raising their A round, making a strategic acquisition and planning on expansion to other verticals, their path for growth is clear.
The founders of CareAcademy have experience in home care, education and medicine. This is exactly the type of experience you need when developing an online platform for caregiver training and education.
Founded in 2013, it appears that CareAcademy has found its product-market-fit when it raised a $9.5 A round in 2020
CareAcademy has provided skills training and upskilling for 110,000 caregivers with approximately 400,000 classes completed to date. The company intends to use the funding to “fuel growth and power 1m healthcare jobs by 2023”.
Why are they on the list?
The home care market is growing rapidly, and as the demand for caregivers continues to surge, employers face a challenge – making sure their staff is properly trained in compliance with their state’s regulations.
The companies mentioned on this list have come a long way in 2020, they’ve raised more than $450M combined. They are leaders in their categories and I expect that they will continue expanding in existing markets and conquer new ones in 2021.
Know any other age tech companies that should be on everybody’s radar in 2021? Feel free to direct-message me using the contact page. You can follow me on LinkedIn, Twitter or on my YouTube channel!