Tech Accessibility Startup K4Connect Raises $7.7M to Close $21M Funding Round

Our investor support allows us to continue offering tools to serve and empower senior living communities and their residents, making communication and services more accessible; especially during COVID-19.

 

By: Eric Hal Schwartz

July 8, 2020

Tech solutions for seniors and those with disabilities developer K4Connect has closed a $21 million Series B funding round after new investor Forte Ventures contributed $7.7 million. The startup plans to use the funds for designing and distributing its technology, a need heightened by the current COVID-19 health crisis.

TECH ACCESS

K4Connect offers tools for making technology more accessible to those who might have difficulties with standard systems, such as older people and those with impaired senses and movement. The company’s K4Community platform, built on the company’s FusionOS operating system, is usually integrated into care centers and assisted living communities, with more than 800 such facilities in the U.S. using some variation of the software. K4Community provides customized features depending on the needs of the client. For instance, K4Community might support voice, video, and text messaging networks for residents, share news and informational updates, run smart home devices, or interact directly with residents to play games or answer questions. Staff can analyze health and other data shared by residents and even automatically update family members about their loved ones. The new round of investment brings the Raleigh-based startup’s total venture funding to $31 million.

“We are incredibly fortunate in our investor relationships in that they not only believe in our vision but equally value our mission. Forte Ventures is a prime example of that relationship and we’re proud to welcome them to the bench of our valued investors,” K4Connect CEO Scott Moody said in a statement. “With their support, and all of our investors, we’re continuing to accelerate to serve as many older adults through technology as possible.”

COVID-19 NEEDS

The coronavirus pandemic has meant limited or no physical visits to many such facilities; this kind of tech is especially crucial. To help communities who may not have the budget for the hardware necessary to use K4Connect’s platform, the startup gave out more than 8,000 Amazon Echo Dot smart speakers to retirement communities in areas with high rates of COVID-19. The smart speakers are part of Amazon’s $5 million worth of devices donated in reaction to the pandemic and come with K4Community built-in. Amazon isn’t alone in its AI philanthropy. Google recently gave 1,000 Nest Hub Max smart displays to retirement communities in Washington State, albeit partly as a pilot program to test a simplified interface for seniors. The adjusted smart displays sent to Merrill Gardens come with immediate access to a contact list for video calls with Google Duo, along with digital notecards explaining how to use the Google Nest Max. The coronavirus has also spurred features in other senior-focused AI, such as voice app developer WellSaid.ai’s COVID-19 screening questionnaire in its My Day for Seniors Alexa skill. There’s plenty of reason to think the use of conversational AI can improve the wellbeing of seniors. Project Zilver and Voice for Loneliness have both published studies showing how, along with keeping people connected by phone and video calls, voice assistants can be comforting companions. K4Connect’s new funding will help it bring that service to even more senior living facilities.

Read more of the story on Voicebot.AI, here!

Raleigh’s K4Connect, Building ‘Smart Home’ Living for Seniors, Closes on $21M Series B

Our investors have continued to support our vision and equally value our mission. The additional funding allows us to keep serving the older adult community, the families, and staff through technology.

 

By: Chantal Allam

July 8, 2020

RALEIGH — K4Connect, which creates tech solutions for older adults and individuals living with disabilities, has raised an additional $7.7 million led by the Silicon Valley-based Forte Ventures. That officially closes its Series B round with $21 million in its coffers and brings total outside venture funding to date to $31 million.

As part of the investment by Forte Ventures, Louis Rajczi will join the K4Connect’s board of directors.

“We are thrilled to lead this round of funding to support all that K4Connect is doing to serve the older adult community and the senior living industry,” said Louis Rajczi, partner at Forte Ventures, in a statement. “This is a particularly exciting partnership for us as we are passionately behind K4Connect’s vision of improving the lives of the nation’s older adults through innovation. Forte Ventures focuses on opportunities where strategic investment will push industries forward, and K4Connect is clearly leading the innovation movement in the senior living segment.”

 

Founded in 2013, the Raleigh-based startup has become one of the fastest-growing companies in the Triangle. It currently serves tens of thousands of residents at over 800 continuing care, independent living communities across the nation.

The company tailors a variety of technologies to benefit the residents, staff, and resident families of senior living communities through its flagship solution, K4Community.

K4Community is built upon K4Connect’s patented operating system, FusionOS, an advanced multi-modal edge-cloud architecture and, according to the company, the only of its kind in the senior living industry. It offers a comprehensive suite of solutions. Among them: allowing residents to stay connected through digital communications (e.g., voice, video, messaging); keeping them engaged (e.g., content, virtual engagement, voice-first experiences); and supporting independence through features such as home automation and Resident Check-in.

The K4Community Team Hub also features automated family/guest communications and Hotline for critical communications. Ultimately, the goal is to enable communities to transform into “smart senior living communities,” the company said in its release.

“We are incredibly fortunate in our investor relationships in that they not only believe in our vision but equally value our mission. Forte Ventures is a prime example of that relationship and we’re proud to welcome them to the bench of our valued investors. With their support, and all of our investors, we’re continuing to accelerate to serve as many older adults through technology as possible,” said K4Connect CEO and Co-Founder, Scott Moody.

Additional investors taking part in the round include existing K4Connect investors Sierra Ventures, Intel Capital, AXA Venture Partners, the Ziegler Link•Age Fund, Revolution’s Rise of the Rest, Topmark Partners (formerly Stonehenge Growth Equity Partners) and Traverse.

Read more from WRAL TechWire, here!

Raleigh Startup K4Connect Gets Multi-Million Dollar Injection from Investors

The software aims to make senior living residents more easily connected and reachable by their health providers, families, and community managers.

 

By: Zachery Eanes

July 8, 2020

Raleigh-based K4Connect, one of the fastest-growing startups in the Triangle, said Wednesday that it had landed a large injection of cash from investors. 

The money, which completes a $21 million round of new cash for the company, comes as K4Connect’s technology has seen a boost in usage because of the coronavirus pandemic. 

The startup builds software that integrates smart devices and internet-of-things technology into retirement communities. The goal is to make residents more easily connected and reachable by their health providers and community managers.

Some residential facilities for seniors have become hot spots for COVID-19 outbreaks, which can be particularly dangerous for older people with pre-existing conditions. 

In response, the movements of some residents have been restricted to prevent the spread of COVID-19. When residents can’t gather in dining halls or have visitors, technology can become a critical tool for communication between isolated residents and their family members. 

“I think we have definitely gone from that nice (service) to have to a must-have,” the company’s CEO Scott Moody said in an interview with The News & Observer.

Moody said K4Connect’s software is added onto smart devices like iPads and Alexa speakers. The startup’s average user is 85 years old, Moody said, and about 85% of residents at K4Connect-partnered communities use their technology on a daily basis. 

The company has grown rapidly in the past two years. The startup said in 2018 that it worked with around 60 retirement communities in the U.S. Now, the company provides service to around 800 communities. 

Moody, who sold his last startup to Apple for $356 million in 2012, said now is the time to keep investing into the company’s growth. 

“When you go into a crisis like this … there’s a defense element and there’s an offense element,” he said. “The defense element is making sure your costs are in line and things are being managed and people are safe at home.” 

“The offense,” he added, “is how do we serve better and more?”

Moody said the new money will put the company on the offensive and “expedite a lot what we’re doing in terms of our product development.” 

The latest round of funding for K4Connect was led by Forte Ventures in Atlanta, but other investors including Sierra Ventures, Intel Capital and Revolution’s Rise of the Rest fund participated.

Check out The News & Observer for more, here!

K4Connect Raises Additional Capital to Close Series B Funding of $21M; Brings Forte Ventures on as New Investor

Mission-aligned company and investors move to make big impact with technology in senior living.

RALEIGH, N.C., July 8, 2020 – K4Connect, a mission-driven technology company that integrates the best in technology to serve and empower older adults and those living with disabilities, today announced a financing raise of $7.7 million led by Forte Ventures. This financing officially closes K4Connect’s Series B round at $21 million, bringing the company’s total outside venture funding to-date to $31 million. K4Connect is the leading provider of enterprise connected-life technologies for senior living communities, currently serving thousands of residents at over 800 premier continuing care, independent living and assisted living communities across the nation. This financing round will further accelerate the development and deployment of solutions that support today’s most vulnerable population during COVID-19 and beyond – older adults.  

The challenges brought on by COVID-19 have had far-reaching implications for senior living, but have magnified opportunities where technology can have an immediate and long-lasting impact on the daily lives of residents and working environments for community staff. K4Connect brings cutting-edge enterprise technologies to this industry, which innovation has long ignored. The company tailors a variety of technologies to benefit the residents, staff, and resident families of senior living communities through its flagship solution, K4Community. 

“We are thrilled to lead this round of funding to support all that K4Connect is doing to serve the older adult community and the senior living industry,” said Louis Rajczi, partner at Forte Ventures. “This is a particularly exciting partnership for us as we are passionately behind K4Connect’s vision of improving the lives of the nation’s older adults through innovation. Forte Ventures focuses on opportunities where strategic investment will push industries forward, and K4Connect is clearly leading the innovation movement in the senior living segment.” 

K4Community is built upon K4Connect’s patented operating system, FusionOS, an advanced multi-modal edge-cloud architecture and the only of its kind in the senior living industry. A comprehensive suite of solutions integrating the best in technology, K4Community enhances daily life for residents, augments the workday for staff, and enables community operators to operate more efficient and data-driven businesses. Residents stay connected to each other and their families through digital communications (e.g., voice, video, messaging), informed on the latest community news (e.g., COVID-19 updates, visitation policies, daily menus), engaged and stimulated during quarantine (e.g., content, virtual engagement, voice-first experiences) and more independent through features such as home automation and Resident Check-in. Community staff benefit from creation, productivity, and awareness tools via the K4Community Team Hub, and key features including automated family/guest communications and Hotline for critical communications. Ultimately, the goal is to enable communities to rapidly transform into Smart Senior Living Communities, creating a more connected living and working environment driven by a foundation of technology. 

“We are incredibly fortunate in our investor relationships in that they not only believe in our vision but equally value our mission. Forte Ventures is a prime example of that relationship and we’re proud to welcome them to the bench of our valued investors. With their support, and all of our investors, we’re continuing to accelerate to serve as many older adults through technology as possible,” said K4Connect CEO and Co-Founder, Scott Moody. 

Additional investors taking part in the round include existing K4Connect investors Sierra Ventures, Intel Capital, AXA Venture Partners, the Ziegler Link•Age Fund, Revolution’s Rise of the Rest, Topmark Partners (formerly Stonehenge Growth Equity Partners) and Traverse. As part of the investment by Forte Ventures, Louis Rajczi will join the K4Connect Board of Directors. K4Connect was founded in 2013 and is headquartered in Raleigh, N.C. To learn more about K4Connect and its current and future technologies, please visit www.K4Connect.com.

About Forte Ventures:

Forte Ventures is a multi-stage venture capital firm that collaborates and co-invests with corporate strategic partners in technology companies across diversified industry sectors throughout North America. Focus areas include Information Technology, Insurance Tech, Financial Tech, Mobility, On-Demand Tech/Services, Cybersecurity, IoT and Industrial Tech. Initial investments generally range between $1-3 million and typically include participation from leading corporate strategic partners as co-investors. Forte Ventures has offices in Atlanta and Silicon Valley. For more information please visit www.forteventures.com.

About K4Connect:

K4Connect is a mission-driven technology company that integrates the best in technology to serve and empower older adults and individuals living with disabilities, together with the people, communities and organizations that also serve them. We believe the future of senior living is in enabling Smart Senior Living Communities through tech-based solutions that truly impact the lives of older adults, wherever they live. Our premier solution, K4Community, provides smart products and features across Home, Wellness, and Engagement for residents, and Productivity, Building, and Insight for staff and operators. 

Based in Raleigh, N.C., K4Connect is currently serving tens of thousands of senior living residents and staff at over 800 continuing care, independent living, assisted living and memory care communities across the nation. For more information, please visit www.K4Connect.com.

K4Connect, a Startup Bringing Tech to Senior Living Centers, Closes its $21M Series B

The FusionOS-powered platform integrates a suite of solutions designed for senior living residents in independent or assisted living facilities.

 

By: Sarah Perez

July 8, 2020

K4Connect, a startup focused on bringing new technologies like voice assistance, home automation, digital messaging and more to older adults and those living with disabilities, has closed on $21 million in Series B funding. The B round had originally wrapped in October 2018, but was extended with the recent addition of $7.7 million led by Forte Ventures.

Others taking part in the round include existing investors Sierra Ventures, Intel Capital, AXA Venture Partners, the Ziegler Link•Age Fund, Revolution’s Rise of the Rest, Topmark Partners (formerly Stonehenge Growth Equity Partners) and Traverse. As a result of the new funding, Forte Ventures’ Louis Rajczi will join the startup’s board.

 

To date, K4Connect has raised $31 million in venture funding.

Notably, the additional funds were raised amid the coronavirus pandemic, which has been disproportionately impacting older adults in care facilities, cutting off their communication from loved ones and disrupting their daily activities.

The company provisions Alexa devices for residents, so they don’t have to configure devices themselves — they just plug them in. It also supports other home automation devices like smart thermostats, smart lights, motion sensors, sleep tracking devices, and more. 

This is all managed by way of the company’s “K4Community” solution powered by the underlying FusionOS technology. Residents can access this as an app their own smartphones, on pre-provisioned tablets, or even through digital signage in the facility itself.

Read the full story on TechCrunch, here!