Electronic Caregiver Announces Closing of Additional $42.5 Million in Funding to Accelerate Expansion
The digital health company expects its next round to raise an additional amount $100 million after an explosive CAGR of 669% over the past 36 months.
LAS CRUCES, New Mexico, October 24, 2022 /PRNewswire/ — Electronic Caregiver (ECG), a leading digital health technology and services company, today announced the successful closing of the company’s latest funding round, which raised an additional $30 million + exercise of BSA for a total of $42.5 million. More than 90% of the funds came from regular investors.
Over the past three years, ECG has experienced a compound annual growth rate (CAGR) of 669% due to service expansion and strong demand for its digital health solutions. Recently, Inc. Magazine listed ECG #968 on its annual Inc. 5000 list, the most prestigious ranking of America’s fastest-growing private companies.
“We are honored to be one of the 1,000 fastest growing companies in America. We are becoming the undisputed leader in digital home health technology,” said ECG President. Joe Baffoe. “We connect people to their care teams by delivering real-time actionable data, helping them avoid escalation and thrive in their own homes, where they universally want to stay.”
ECG has been qualified as a Technology Solution Provider in the Amazon Web Services (AWS) Partner Network. The company’s innovative technology includes remote patient monitoring (RPM) and chronic care management services, a new 3D Virtual Caregiver™, named Addison, advanced medical alerts and telehealth solutions. Recently, the company launched its ADDI-certified telehealth platform, a scalable platform as a service (PAAS) based on AWS.
The company anticipates that its next round of financing will have a pre-assessment of $560 millionraising an extra $100 million. The new funds will significantly increase ECG’s revenue and customer base, leading to an expected IPO within 24 months. To date, the company has raised $110 million in equity + $10 million indebted, totaling $120 million.
“ECG’s ability to navigate through the pandemic and excel in hyper-growth during this challenging time has been both exciting and meaningful,” the investor said. Harvey Yates, Jr.chairman of PetroYates, Inc. “We have backed the company through successive rounds and look forward to being with them as they go public and ring the bell on NASDAQ.”
“ECG’s revenue growth is currently accelerating to hyper-growth, we expect revenue to reach an annual level $250 million + operating rate by the end of 2024,” Baffoe said. “The company now serves over 20,000 customers and estimates that its customer base will exceed 250,000 by the end of 2024.”
The company’s board of directors includes executives from world-renowned companies such as Oracle, State Farm, Honda America and Delphi. Ancient United States Representing Steve Pearce is an investor and board member of ECG.
ECG launched Addison, the Virtual Caregiver™, at the HIMSS 2022 Global Health Conference. Addison is the next generation of RPM technology, providing a solution to the global caregiver crisis and current COVID-19 challenges by providing a health care management outside the doctor’s four walls.
Addison is a 3D animated state-of-the-art caregiver. The Virtual Caregiver™ engages with and helps monitor the health of aging and chronically ill clients and child patients via touchscreen devices placed throughout the home.
Addison helps monitor patient health by providing voice-activated medication reminders, 24/7 emergency response, and telehealth services. Addison can also guide patients through the steps of recording vital signs, such as blood pressure, oxygen saturation levels, and temperature, with the ability to share this information with designated providers and caregivers in real time. .
Users can customize the Virtual Caregiver™ according to their preferences. Customers can choose from eight avatars of different ethnicities and genders to interact with, and Addison’s environment can automatically reflect the customer’s lighting and weather. Pre-orders are currently underway.
About the Electronic Caregiver
Founded in 2009, Electronic Caregiver is a privately held digital health technology and services company headquartered in Las Cruces, New Mexico. Electronic Caregiver’s mission is to design and deliver innovative and impactful telehealth products and services that bridge the gap between the doctor’s office and the patient’s home to improve outcomes, expand access and optimize resource allocation. Electronic Caregiver has been qualified as a Technology Solution Provider in the AWS (Amazon Web Services) Partner Network. The Company’s solutions are available through healthcare organizations, medical practices, managed care companies, home care agencies and senior housing providers to deliver programs home hospitalization, chronic care management and remote patient monitoring.
This document has been prepared by ECG for discussion and/or informational purposes only. This document does not constitute an offer to sell or the solicitation of an offer to buy securities or other instruments. All opinions expressed herein reflect our judgment as of the date and time hereof and are subject to change without notice. The information contained in this document has been developed internally or has been obtained from commercial and statistical departments and other sources which we believe to be reliable, but no guarantee is given as to the accuracy or completeness of this information and it does not should not be considered as such.
All information presented here is indicative and subject to change without notice. All opinions expressed herein reflect our judgment as of the date and time hereof and are subject to change without notice.
SOURCE Electronic Caregiver