Innovative care solution completes investment agreement for over £200,000
Henley-in-Arden, 24 April 2014. Mercia Fund Management (MFM), a leading provider of investment, incubator space and business support services for fast-growing technology companies, has announced Canary Systems Ltd as the latest addition to its technology portfolio.
Canary Systems offers a unique solution for elderly people looking to remain independent for longer in their own homes. The system uses mobile and wireless technology to monitor daily activities and track movement, heat and light within an elderly person’s home. Text and email alerts are then sent to friends and family members to provide reassurance without impacting on the elderly person’s dignity or privacy.
Mercia Fund Management has invested as part of a first tranche of a seed round.
Canary Systems plans further additional funding commitment from investors in the coming months as part of a second tranche to help fund a full launch and to run a series of pilots and large trials with local authorities and domiciliary care organisations.
William Cotton, Chairman of Canary Systems Ltd, commented on the deal: “Initially the funding has helped us to further refine the product ahead of its market launch and to build our first production order.”
William added: “We are excited to be working with Tim Hazell and the Mercia Fund Management team, and look forward to receiving the benefit of their expertise as we fulfil our potential. We are delighted that Mercia Fund Management has committed to a second round of investment and this follow-on funding will enable us to realise a full national launch to both B2B customers and direct to consumers.”
In addition to using a series of discreet sensors to monitor movement, the system includes a care card to track carers or other visitors entering the home. Canary Systems will also develop additional sensors and related services, such as panic alarms and home occupancy sensors to deliver a complete solution for care of the elderly and vulnerable within the home.
Tim Hazell Senior Investment Director at Mercia Fund Management, added: “William was known to us and our investment panel, and we are thrilled to support him and his team in his latest venture. Canary Systems is just one of the companies that form part of Mercia Fund Management’s expanding portfolio of innovative and scalable businesses. Technology which helps the elderly and frail to live safely in their own homes is an exciting growth area and Canary is ideally placed to address this opportunity. We are very excited about the prospects for both the company and our investment.”
Mercia Growth Fund 3 is the latest incarnation of the company’s EIS / SEIS hybrid fund. The fund offers initial and follow-on funding to companies with a growing revenue base and highly scalable technology offering at their core with global applications. The tax efficient structure of the fund makes EIS and Seed EIS a compelling investment structure for private investors.
About Canary Systems Ltd
The founder team of this all British start-up has extensive experience in technology innovation and the provision of healthcare products and services coupled with personal experience of caring for elderly relatives. They share a vision to effectively deploy technology to give elderly people dignified and affordable choices so they can continue to lead independent and fulfilled lives.
Christopher Curry, co-founder of Acorn computers, was the original catalyst behind the concept and the idea was further developed when he teamed up with William Cotton (previously Managing Director for Boots International) and Stuart Sheehy (previously at BUPA). Other key team members include Technical Director Stuart Butterfield, (previously at Philips) , Marketing experts Claire Vincent and Victoria Buckingham and Head of Business Development Jamie Paton.
The business is establishing an office in Culham, Oxfordshire and expects to further extend the team from April onwards.