Funding Overview
Olio, a platform that connects hospital teams with post-acute care providers for enhanced collaboration, has successfully raised $11 million in a Series B funding round. This round was led by Fulcrum Equity Partners, with participation from Mutual Capital Partners.
About Olio’s Platform
Olio’s care coordination platform enables hospital care teams, including doctors and administrators, to access vital patient information after their transition to post-acute settings. Key features include:
- Setting specialty-specific care goals for clinicians.
- Facilitating data exchange between healthcare providers and post-acute care settings.
Use of Funds
The newly acquired funds will be utilized to:
- Expand Olio’s product offerings.
- Accelerate go-to-market strategies.
CEO’s Statement
Ben Forrest, CEO of Olio, stated, “At Olio, our mission is to enhance the way healthcare organizations coordinate care. The ongoing investment from Fulcrum Equity Partners, along with support from Mutual Capital Partners, positions us to scale our impact and drive significant change in the industry.”
Market Context
In 2019, Olio raised $2.5 million in seed funding, which helped the company scale its technology and expand its presence across the U.S. Other notable companies in the long-term care sector include:
- Fujifilm, which partnered with Juntendo Hospital in Japan to develop AI for predicting fall risks among outpatients.
- Andromeda Robotics, which integrated generative AI into robotics to create empathetic companion robots for the elderly and children in hospitals.
The prototype humanoid robot, named Abi, is designed to engage with senior residents in aged care facilities, utilizing machine vision and the Chat GPT-4 AI chatbot to recognize individuals, answer questions, and personalize conversations based on previous interactions.