In the US, long-term care is already a $490 billion industry — and with 73 million baby boomers continuing to age, one startup is bringing the digital revolution to a rapidly growing market.
Healthtech startup Savoy Life launched out of stealth last month with $3 million in pre-seed funding from Red Cell Partners, an incubation firm that has birthed multiple digital health startups including precision medicine-focused Zephyr AI and psychedelic therapy provider TARA Mind.
Senior care is a sprawling market: more than 30,000 assisted living communities in the US manage 1.2 million licensed beds, according to the American Healthcare Association and the National Center for Assisted Living. But the industry is plagued with staffing shortages, administrative inefficiencies, and more dire problems including poor quality of care and safety issues.
Savoy Life is building a virtual care platform for long-term care facilities. The startup is launching with three products: a system to improve occupancy rates and simplify the move-in process; remote monitoring technology that uses AI to help facilities better care for residents; and telehealth focusing on geriatric primary care and geriatric psychiatry.
Peter Emigh, Savoy Life’s founder and CEO, said he saw the need to improve long-term care facilities while working as a healthcare administrator at CareMore Health. He interacted with facilities outside of major metropolitan areas, which often had fewer resources.
“My lived experiences led to a very clear understanding of what was working and what was not,” he told Insider. He said improving the lives of everyday residents receiving long-term care starts with giving operators of those communities more – and better – tools.
Savoy Life is entering an already booming market focused on the aging population, which could grow to north of $2 trillion by 2028, according to research consultancy Markets N Research. Frontrunners in the VC-backed space include Devoted Health — which offers healthcare plans for seniors — and telehealth startups DispatchHealth and Heal.
Check out the nine-slide pitch deck that Savoy Life used to raise $3 million and launch out of stealth.
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