Mercia Fund Management, one of the leading technology investors in the UK, announces a funding round of up to £400,000 into Canary Care Ltd, a long standing investment that has seen the business flourish from a technology developer, to a company providing vital home care solutions to individuals and communities.
Since Mercia's first seed investment in 2014, Canary Care has developed and launched an innovative, low cost, easy to use and simple to install home care system that allows elderly and disabled people to remain independently in their own homes through the provision of 24/7 data on activity to relatives or carers.
Using discreet sensors around the house to analyse changes in movement, temperature and door activity, together with a web portal to display the information, family members and carers are able to remotely monitor and care for their relatives, without the need for constant visits to their house. Canary also uses bespoke alerts tailored to that person's habits, so that notifications by text or email will be received if anything out of the ordinary occurs.
Additionally, the system comes with a range of extras, including sensors for the front and back doors, and a smart card for frequent visitors, such as social carers or meal deliveries.
Mercia's current investment round will be used to help Canary expand its relationships with significant B2B customers, including local authorities and care providers. By working with these organisations, Canary can help them to make more informed, evidence-based decisions, resulting in better outcomes both for the people who need support, and their carers.
The number of people currently aged over 65 in the UK is around 10.3 million, with this number set to rise to £16.4m by 2033. Of these numbers, 40% have a limiting, long term illness. 3.8 million also live alone, with many no longer in close proximity to their relatives.
The government is under increasing pressure to lower costs and improve the quality of care available for the elderly and vulnerable, particularly in the light of recent evidence of the pressure on care resources across the country. Current Care Act legislation, supported by Canary Care, is also calling for clearer, fairer care and support that puts the physical, mental and emotional wellbeing of both the person needing care, and their carer, at the heart of decisions.
As a result, self-help and home care are becoming increasingly viable alternatives. In individual cases, a local authority can save around £16,536 a year.
Commenting on the investment, Mercia's Investment Director Tim Hazell said:
"Great team, great product. Open up the box and this affordable, wireless and smart solution is installed and ready in minutes, instantly linked to your phone. We are delighted to provide further capital and support to Canary Care as the business continues to flourish."
William Cotton, Chairman and Co-Founder of Canary Care, said:
"We are grateful to Mercia for their continued support, and we especially look forward to working further with Tim Hazell, who has been a great support for our business.
"We have received many testimonials from customers whose lives have changed positively because of Canary, and we are proud to continue to provide more families with the independence, support and dignity that they need."