Brisbane entrepreneurs commercialise an invention made to meet the needs of $1 trillion dementia market
Leading Australian venture capital firm, OneVentures, today announced the commitment of $3 million from its Innovation and Growth Fund II to facilitate the growth of Brisbane-based technology company, Find-Me Technologies.
Find-Me Technologies is the developer of the Find-Me Carers Watch, wearable technology that supports the monitoring and care of individuals with conditions such as dementia.
The global dementia care market is a $1 trillion market, servicing an estimated 48 million patients. Over 7.7 million new cases of dementia are diagnosed every year. Sixty per cent of those patients will wander, often with disastrous results. The FindMe Carers Watch provides the opportunity for these individuals to stay in their homes safely for longer.
The watch is an all-in-one personal response system, GPS tracker and fall detector. It is also waterproof and has sensors that trigger an alert if it is taken off. It features rapid magnetic charging for its longer lasting batteries and has 3G capabilities to function wherever there is mobile coverage. Real-time GPS tracking means a care consultant is able to accurately locate the wearer and direct responders to the precise location.
While the watch is designed primarily for dementia patients, it also supports other applications such as community nurses, remote workers and retirees in rural and regional and areas. Designed in close collaboration with clinicians, carers and call centre operators, it is built to assist and look after the patient, but with the carer in mind.
Tunstall Healthcare, Australasia's leading provider of assistive technology, is a key distribution partner for Find-Me; providing critical support for users via its 24-hour, government approved call centre.
The $100 million OneVentures Innovation and Growth Fund II is focused on investing in series B and C stage funding where businesses are generally approaching profitability but need capital to build scale and fuel growth.
OneVentures’ Partner Anne-Marie Birkill said the firm’s investment in Find-Me Technologies was consistent with its investment approach of backing companies with innovative products that meet the needs of large and growing global markets.
“The recent commitment by the government to invest $1 billion in innovation will promote more private investment in early-stage startups. However, there remains an important gap for the local VC industry to play in boosting funding to the later stages of the VC funding cycle,” Ms Birkill said.
Series B & C investment has also proven successful for investors. OneVentures recently secured a $279 million commericialisation deal with one of its investee companies Hatchtech and Dr. Reddy's Laboratories (NYSE: RDY) for the rights to its head lice treatment - representing a forecast return of up to $100 million for investors.
The development and early commercialisation of the Carers Watch has been selffunded to date by Brisbane entrepreneurs David Ingerson and Bruce Jeffers.
“The genesis of the Carers Watch was a personal need, to find a way to support my father who was one of those individuals with dementia that wandered regularly,” said Mr Ingerson.
For more information contact:
Rebecca Piercy Honner
+612 8248 3740
OneVentures is a venture capital firm headquartered in Sydney, Australia that provides human and investment capital into high growth companies with a particular focus on transformative technologies. The firm is particularly focused on opportunities originating in Australia that are poised to expand into the established and emerging global markets. The firm manages $170M across 2 funds and 6 co-investment funds recently launching its new Innovation and Growth Fund II which is focused on growth and expansion stage technology companies. OneVentures is managed by a team of Partners with a skill-set and track record ideally suited to collaboration with entrepreneurial management teams to foster growth and create value: a unique blend of highly successful entrepreneurs, technology business founders and corporate executives with a strong scientific pedigree, extensive off-shore experience and networks. The OneVentures team is committed to deliver investor returns by applying this expertise to select portfolio companies with significant potential then accelerating their performance. Read more about OneVentures at www.one-ventures.com