Senior dwelling know-how firm TSOLife has accomplished a $43 million Sequence B funding spherical led by PeakSpan Capital to gasoline the corporate’s future enlargement of its software program platform and synthetic intelligence (AI) targets.
TSOLife will use the funding to rent 16 further engineers and product workers to concentrate on the rollout of the corporate’s proprietary AI-driven resident expertise platform, in keeping with CEO David Sawyer.
The latest funding spherical will assist TSOLife evolve its platform to assist senior dwelling operators meet rising demand for senior dwelling, Sawyer instructed SHN.
“Our total aim proper now, as we have a look at the senior dwelling business, is making an attempt to reshape senior dwelling from being a need-based business to a wants-based business, serving to our companions deliver move-ins for those that need to come for the expertise somewhat than based mostly on acuity or want,” Sawyer stated.
Earlier funding rounds embody a seed funding effort in 2018 and Sequence A funding in 2022, bringing TSOLife’s complete funding raised to $52 million.
The corporate goals to enhance the senior dwelling expertise for employees and increase resident engagement, with an AI mannequin skilled on 100,000 hours of audio recorded on the bottom at senior dwelling communities, Sawyer stated.
The TSOLife platform gathers particulars about residents by way of interviews, household enter or on-line and helps caregivers and workers construct nearer connections with residents based mostly on their supplied histories and preferences. The platform is much like a buyer relationship administration (CRM) platform but it surely’s centered on resident engagement, monitoring participation in actions, well-being and offers updates to workers.
“This funding permits us to unfold our wings and deal with extra challenges,” Sawyer stated. “I believe the business is in a tech renaissance, to be sincere, and we’re seeing extra capital that’s flowing in.”
In January, know-how firm SafelyYou locked in $43 million in Sequence C funding and AI-enabled mild firm Nobi closed on $37 million in Sequence B funding. In March, senior dwelling know-how firm Inspiren secured $35 million in Sequence A funding.
This “tech renaissance” has led senior dwelling operators to make powerful alternatives in selecting their tech companions to assist gasoline progress and enhance working fashions.
A key a part of the TSOLife platform is the corporate’s AI mannequin, Sawyer stated, one thing he believes is a differentiator for the corporate’s platform as some tech corporations have relied on integrating third-party AI fashions into their working programs.
“We created our personal mannequin based mostly on important human capital funding to ensure that we’ve got an AI that’s skilled for senior dwelling,” Sawyer stated. “It’s essential that we’ve got developed this mannequin as a result of it is going to deliver consistency and worth versus utilizing a big language mannequin that they didn’t practice or construct out themselves.”
Sawyer added that the corporate’s AI mannequin has been skilled for the final 5 years and given suggestions somewhat than together with a third-party AI mannequin like OpenAI’s ChatGPT giant language mannequin (LLM).
Whereas no AI mannequin is 100% correct, Sawyer stated, the corporate employs a high quality management workers of 28 folks to assessment “each single factor” the TSOLife AI mannequin shares to make sure accuracy and consistency in coaching for employees.
The Sequence B funding may even permit TSOLife to discover new programs to enhance gross sales and advertising and marketing for senior dwelling workers, and moreover spend money on creating “AI-generated calendars” for residents for a launch later this yr often called “Engagement On Demand.”
Wanting forward, Sawyer stated he’s very optimistic concerning the business’s future capacity to seize demand, given the speedy adoption of know-how and operators which can be embracing AI to help their workers and enhance their fashions.
“Firms are making the required funding in order that when operators take the leap to operationalize one thing, the tech will be capable to ship,” Sawyer stated.
