TORONTO - AlayaCare, the leading cloud-based software for home and community care providers, announced a Series B investment of $13.8 million led by inovia capital. Chrysalis is joining the round, and existing investors, including Fonds Innovexport, are participating in the financing.
The financing will be used to fund AlayaCare's continued expansion with a focus on the US market, and further investment in its proprietary technology platform. inovia capital Principal Magaly Charbonneau will join AlayaCare's board of directors.
"We're passionate about helping our clients deliver better patient outcomes and this funding means we can accelerate through our roadmap and evolve our product more rapidly," said Adrian Schauer, CEO, AlayaCare. "Continuing to invest in AI, machine learning capabilities and optimization science is a priority as our increasingly robust platform means clients can lower their operating costs while improving their ability to provide care, detect adverse effects and help reduce hospital readmissions."
"We share Adrian and AlayaCare's vision to fundamentally improve the way home and community care services are provided by better leveraging technology," said Charbonneau. "AlayaCare gives its clients the ability to make more informed, data-driven decisions, and its understanding of the marketplace, paired with deep client relationships, will drive continued growth and success."
"We partner with leading entrepreneurs to build great businesses and believe Adrian and his team have the talent and sector knowledge to be a major player in homecare in the US as well as expand its client base internationally," said Wright Steenrod, Partner, Chrysalis.
"We recognized early on that AlayaCare had all the right ingredients to become a leader in the home and community care sector," said Serge Lavergne, Vice-President at Fonds Innovexport. "The team has exceeded all of our expectations and thus we are delighted to be further extending our support to this outstanding company."
AlayaCare helps its clients capitalize on the shift to home-based care for the growing population of older adults in several markets globally. Home health organizations look to AlayaCare to help create capacity within their organization, and its platform provides key business insights that clients can use to increase efficiencies and better deploy resources. The software suite includes scheduling, time reporting, clinical documentation, remote patient monitoring and mobile, billing, and web apps specifically for patients, family members, and care workers.
Since its launch, AlayaCare has experienced double-digit monthly growth, expanded its operations in the US, Canada, and Australia and now employs over a 100+ staff.