Alayacare attracts $2.4 million investment
September 6, 2017
MONTREAL – AlayaCare, a Canadian-owned software company that just celebrated its third birthday, is poised to grow right alongside the home care industry it supports after receiving $2.4 million in another successful funding round from Quebec-based Fonds Innovexport.
Fonds Innovexport, an investment fund created by a group of entrepreneurs together with the Government of Quebec through Investissement Quebec, La Caisse de dépôt, FSTQ, Fondaction CSN and supported by the City of Quebec, strategically seeds innovative start-ups that carry the potential to become global leaders.
This latest investment allows AlayaCare to sustain its three year annual sales growth percentage of 125+% and provides the flexibility to invest more in its product and people.
“To receive this level of trust and support from Fonds Innovexpert is a testament to how far we’ve come in a short period of time,” said Adrian Schauer (pictured), CEO of AlayaCare. “Home care agencies in Canada, the United States and as far away as Australia are realizing how the software we built can not only strengthen their core business, but improve the delivery of care itself, ultimately generating better patient outcomes.”
AlayaCare delivers an all-in-one cloud-based software solution that includes remote patient monitoring, e-health, clinical documentation, a mobile app for caregivers to facilitate on-site support, and back office functionality.
“Our decision to invest in AlayaCare was based on the excellence of the management team, the strong underlying trends supporting the targeted market and the outstanding quality of the solution AlayaCare brings to their clients. We are confident that they will continue to grow into a market leader in their field,” said Richard Bordeleau, president of Fonds Innovexport.
According to Market and Markets, the North American home healthcare sector is pegged at $130 billion, and with an aging baby boomer cohort, this industry is ripe for innovation and technology investment.
According to Schauer, “AlayaCare’s vision is to deliver better patient outcomes and we believe data and the technology that supports care in the community is integral.”
This latest investment from Fonds Innovexpert marks AlayaCare’s third funding round since its inception in 2014. AlayaCare has its sights set on being the global leader in home healthcare technology, and believes the deep talent pools and start-up ecosystems in Montreal and Toronto provide a great launch point for this effort.
In August, FedDev Ontario, a federal government agency, announced that it is providing AlayaCare Inc. with up to $750,000 to commercialize its innovative home healthcare software. The FedDev Ontario repayable contribution of up to $750,000 is leveraging up to $1.5 million in matched funding from Recap Health Venture and five Maple Leaf Angel investors.
AlayaCare is a provider of innovative, cloud-based home healthcare software. With a product spanning Clinical Documentation, Back Office Functionality, Client and Family Portals, Remote Patient Monitoring, Telehealth and Mobile Care Worker apps, AlayaCare offers a platform for home care providers to achieve better outcomes for patients and payers. For more information, please visit www.alayacare.com
About Fonds Innovexport
Based in Quebec City, Innovexport invests in start-up companies in the Province of Quebec having innovative products or services with strong export potential. Innovexport was created by entrepreneurs for entrepreneurs with the objective to help them grow their companies. For more information, please visit www.fondsinnovexport.com