Senior care startup DUOS introduced Tuesday that it has raised $15 million in a Sequence A.
The spherical was led by Imaginary Ventures, with participation from current traders Forerunner Ventures, Declaration Companions, and a brand new investor, Optum Ventures.
The $15 million is a major mark for the corporate, which sees itself in a brand new stage after the spherical, Karl Ulfers, co-founder and CEO of DUOS, advised Dwelling Well being Care Information.
“DUOS, from a seed spherical perspective, had great traders between Redesign Well being and Forerunner, however that spherical was extra within the $6 million vary,” he mentioned. “It was an important spherical. It propelled us to the place we’re at this time, however this Sequence A is certainly our most substantial spherical up to now.”
Launched in 2021, New York-based DUOS helps place knowledgeable private assistants — “Duos” — into the houses of seniors. The corporate works instantly with shoppers, in addition to with payer and supplier organizations.
The just lately raised capital is earmarked for fueling each the corporate’s know-how developments and progress plans, Ulfers mentioned.
“The funding itself will probably be used to proceed to construct out our unbelievable group from a product engineering and design standpoint,” he mentioned. “When it comes to what we’re targeted on with them, we actually wish to be a frontrunner in know-how for the older grownup and caregiving house.”
Particularly, DUOS will put funds in the direction of two key areas.
One in all these areas is taking the instruments the corporate has constructed to permit its “Duos” assistants to assist seniors and externalizing these capabilities in order that household caregivers can even faucet into them by way of an app. The second space has to do with the corporate’s partnerships.
“We see this superior alternative when it comes to the providers that we faucet into — so consider transportation, consider scheduling appointments, consider serving to prepare meals, serving to with issues across the older grownup’s house,” Ulfers mentioned. “We’re actively including companions into our enterprise that can permit us to combine them into our know-how to go the ultimate mile.”
As a comparatively new firm, DUOS has already begun making headway on the subject of making these partnerships.
It has fashioned relationships with quite a few medical insurance plans, together with Magellan Healthcare, Geisinger Well being Plan and different nationwide and regional payers and suppliers in California, Arizona, Nevada, Washington, Oregon and Georgia.
DUOS’ value-add to its companions is its capability to satisfy the wants of seniors within the wake of Medicare Benefit’s enlargement of home-based supplemental advantages and Medicare’s creation of Social Safety Incapacity Insurance coverage (SSDI).
“What that in the end drives for our plan companions is a direct influence relative to their star rankings, in addition to their total satisfaction with their members, to assist retain them of their Medicare Benefit plan,” Ulfers mentioned.
On its finish, Ulfers calls these partnerships “mission-critical” to the corporate’s total progress. Additionally they give the corporate a broader attain and influence.
“These partnerships pay for our providers after which permit us the power to instantly market and activate older adults, in addition to their caregivers which might be in want of our providers,” he mentioned. “If we didn’t have these partnerships, the one different angle we’d have is our direct-to-consumer mannequin. That’s only a far more durable mannequin when it comes to rising and scaling the enterprise versus placing these massive and strategic partnerships.”
Whereas many startups have entered the senior care market purporting to be “disrupters” within the house, DUOS in the end views its place within the trade because the “connective tissue.”
“We like to consider ourselves as coming into this house to behave as the extra connective tissue that can actually unleash a whole lot of the present providers which have been there for older adults that possibly weren’t simply utilized,” Ulfers mentioned.