August Health Secures $29M for AI-Enabled Elder Care Vision
August Health, a vanguard in technology solutions for senior living, has successfully closed a $29 million Series B funding round, marking a significant stride in its mission to revolutionize elder care through advanced AI. The substantial investment, led by Base10 Partners, saw continued participation from existing investors General Catalyst and Matrix Partners, alongside new strategic partners including Equitage Ventures, Senior Living Transformation Company, and Stanford University. This capital injection underscores a growing confidence in August Health’s vision to empower caregivers and enhance the quality of life for older adults.
Founded in 2020 by Dr. Justin Schram, a physician with deep insights into senior living challenges, and Erez Cohen, a former Apple engineering leader, August Health emerged from a recognition that the elder care sector was historically underserved by modern technology. Their intuitive Electronic Health Record (EHR) platform has rapidly become a system of record for thousands of senior living communities across the United States and Canada. The platform offers a comprehensive suite of solutions, including digital move-ins, electronic medication administration records (eMAR), care tracking, billing and payments, and actionable insights. These tools are designed to streamline operations, simplify compliance, and enable more proactive and personalized care.
The newly secured funding is earmarked for accelerating product development, with a particular focus on “August Intelligence.” This AI-enabled care partner is poised to deliver AI-driven insights that will elevate both care delivery and operational efficiency within senior living communities. Early indicators from communities utilizing August Health’s platform are promising, with reported outcomes such as a 23% reduction in incidents, a 20% increase in revenue, and millions of dollars in savings. Furthermore, the platform has demonstrably improved staff satisfaction and efficiency, with 93% of staff reporting daily time savings and 82% expressing greater job satisfaction.
The investment arrives as the artificial intelligence in aging and elderly care market experiences exponential growth, projected to expand from $35.22 billion in 2024 to $122.88 billion by 2029, at a compound annual growth rate of 22.54%. This surge is fueled by an aging global population, increasing demand for independent living solutions, and persistent caregiver shortages. AI-powered solutions are pivotal in shifting elder care from a reactive to a proactive model, offering capabilities like predictive analytics, virtual health assistants, and smart home integration to enhance safety, wellness, and overall quality of life for seniors. Investors like Base10 Partners, known for their focus on automating traditional sectors, and General Catalyst, a prominent healthcare investor committed to sustainable change through technology, see August Health as a key player in this evolving landscape.
August Health’s continued innovation, particularly with its upcoming August Intelligence, positions the company to address the complex and evolving needs of the senior living industry. By harnessing AI to provide real-time, personalized insights, August Health aims to empower care teams to deliver timely interventions and best practices, ultimately strengthening the human element of caregiving.