Toronto-based AlayaCare, which provides cloud software for home care providers, has raised $2.4 million in funding.
The funding was raised from Quebec-based Fonds Innovexport, an investment fund created by a group of entrepreneurs with Investissement Quebec, La Caisse de dépôt, FSTQ, Fondaction CSN, and the City of Quebec.
The company plans to use the funding for further product development, and says it wants to sustain its three-year annual sales growth percentage of 125 percent.
“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, 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’s platform allows home care providers to keep track of remote patient monitoring, e-health, and clinical documentation. It also includes 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.
In July 2017, AlayaCare received a $750,000 investment from FedDev Ontario, which the company planned to use toward commercialization.
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