AceAge closes strategic financing led by Longliv Ventures, a member of the CK Hutchison Holdings Group
AceAge Inc. ("AceAge"), a Canadian healthcare technology company with its innovative medication dispenser, Karie, announced that it has closed a CA $5 million Series A financing round led by Longliv Ventures, a member of the CK Hutchison Holdings Group ("CKHH"), with the participation of a fund managed by the Bloom Burton Investment Group ("Bloom Burton"). Dr Dan Eldar, Managing Director at Longliv Ventures, will join the AceAge Board of Directors. Longliv Ventures Fund, a member of CKHH, focuses on consumer-oriented digital health solutions. CKHH, via its retail division AS Watson, operates the world's largest international health and beauty retailer, with over 15,800 stores in 27 markets worldwide.
AceAge's medication dispenser Karie allows users with complex medication regimes to take their medication independently. Karie uses multi-dose pouch packaging, which are strips of medication that are pre-organized, scheduled, and barcoded by dose by a pharmacist. When it is time for each medication, Karie automatically lights up and chimes to notify the user that it's time to take their medication, and dispenses the correct dose at the correct time when the user interacts with the device. Karie's remote monitoring system also provides peace of mind for those who want to check up on their loved ones from afar. If a dose of medication is ever missed, Karie will send a notification to a friend, family member or caregiver, who can call or provide assistance if needed.
"This year we have had a tremendous amount of success helping people in Canada and Europe take their medications independently in their own homes. The funds that we have raised will further facilitate the rapid international expansion of Karie" said Spencer Waugh, CEO of AceAge. "With these partnerships, AceAge gains important strategic insight from two highly respected institutions with deep knowledge of the international healthcare space."
"The COVID-19 era has accelerated the global trend toward telemedicine solutions and at-home advanced care, with special focus on the needs of the elderly and the chronically-ill", said Dr. Dan Eldar, the Managing Director of Longliv Ventures. "AceAge offers an innovative, home-based drug dispensing solution for users, based on a connected, digital desktop smart device. Karie is designed to supplement the advanced pharmacy automation dispensing systems currently being rolled out worldwide as part of an increasing global trend to offer home delivery of drugs. We believe the AceAge technology will contribute to increased adherence to medication regimes and enable better care by supporting meaningful links between patients, payors, providers, and caregivers".
"Longliv Ventures targets companies that are on a mission to develop solutions that will augment and eventually revolutionize the way people manage their health and wellness", said David Gordon, Head of Investments of Longliv Ventures. "Such solutions could benefit from the CKHH global footprint which includes the A.S. Watson Group, the world's largest international health and beauty retailer. With a potential reach to 5.3 billion customers via over more than 15,800 stores operating under 12 retail brands in 27 markets, and through a world-renowned online sales operation, CKHH can facilitate the dissemination of new technologies for enhanced healthcare services."
"The Karie device has the potential to reduce the burden on healthcare systems globally as the medical community grapples with hospital overcrowding, staff shortages and risk of infection to nurses, doctors and personal support workers," said Michael Brown, Portfolio Manager at Bloom Burton. "With up to one in four hospital patients admitted due to medication errors, Karie will ensure users have access to proper medical assistance in the comfort of their own homes."
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