Health Invest Finland Raises $1.5M for Smart Wearable Device for Elder Care
According to the United Nations Department of Economic and Social Affairs, the number of elder persons (aged 65 years or over) is expected to more than double from 841 million people in 2013 to more than 2 billion in 2050. More than $30 billion is spent annually in the US on healthcare related to falls, which is the leading cause of death due to injury among the elderly.

Health Invest Finland Oy, a digital health firm has raised $1.5 million in funding led by Finnish funds Kuus Invest Oü, Viavan Oy, and European business angel investors. The company plans to utilize the funding to accelerate the deployment of it’s My+Care™ (MyPlusCare) cloud-based health and wellbeing service solution targeted for the elderly care market globally.

According to the United Nations Department of Economic and Social Affairs, the number of elder persons (aged 65 years or over) is expected to more than double from 841 million people in 2013 to more than 2 billion in 2050. More than $30 billion is spent annually in the US on healthcare related to falls, which is the leading cause of death due to injury among the elderly.

Founded in 2014, Health Invest develops and deploys intelligent technologies and solutions for intelligent healthcare delivery. Based on patented innovations from Mostafa Hanifi, the chief technology officer of Health Invest, My+Care is a networked system that receives patient data from proprietary smart wearable device and wireless beacons that are networked to caregivers through a mobile app that details personalized reports to a network that can include hospitals, relatives, companies, doctors and clinics, and others. Using the My+Care™ Cloud, facilities can manage networked communication in real-time.

My+Care enables diverse, flexible IoT interaction of all Bluetooth devices within third-party IT environments. With machine learning, My+Care can learn from each specific user; the longer the wristbands are used, the more accurately they detect irregularities in human behavior or subtle changes that could indicate an underlying medical issue.

Health Invest is already operating in Europe and Asia, and has plans to expand in the US market later this year. Additionally, the company plans has 2018 expansion plans for China.

In addition to the funding, the company has announced a partnership with CellMark Medical, a division of CellMark AB, to accelerate deployments of Health Invest’s My+Care. CellMark’s expertise in medical device distribution, logistics and sales support will enable My+Care to gain traction with healthcare facilities around the world.

“The sign of a civilized society is how well it treats its weak and elderly citizens. We live in a world that cannot accommodate an aging population without adapting healthcare to readily available technology. The value of elder care, globally, needs to rise to meet a rapidly growing set of demands for more effective real-time care,” said Kalle Soderholm, CEO of Health Invest in a statement. “The development of our My+Care service-solution is specifically aimed at treating the needs of all stakeholders in the elder care market with an intelligent set of tools that can learn and adapt dynamically to the needs of patients and health organizations.”