News Summary
Inspiren, a medtech company from Brooklyn Navy Yard, has raised $100 million in Series B funding to improve its AUGi video monitoring system designed for elderly care. This system uses AI to enhance patient monitoring in nursing homes, allows real-time alerts for caregivers, and tracks staff performance for better service billing. The funding aims to automate the system and expand its applications, reflecting a growing need for technology in elderly care as more seniors opt to age in place.
Brooklyn, NY – Inspiren, a medtech company based in the Brooklyn Navy Yard, has successfully raised $100 million in a Series B funding round aimed at enhancing its innovative technology designed for elderly care. The funding, spearheaded by Insight Partners, a Midtown-based investment firm, attracted contributions from various venture capitalists eager to support Inspiren’s mission of improving patient monitoring in nursing homes and long-term care facilities.
Inspiren has developed the AUGi system, a state-of-the-art video monitoring system that leverages artificial intelligence to detect falls or hazardous movements within patient rooms. This technology allows caregivers to receive real-time alerts, monitor patients remotely, and communicate via a dedicated mobile app. In addition, the AUGi system tracks staff performance, facilitating improved service billing. This feature, referred to by Inspiren’s leadership as the “profitability impact,” helps organizations optimize their operations.
The AUGi system was initially trialed at New York-Presbyterian’s flagship Upper West Side hospital, where Inspiren’s founder and CEO, Michael Wang, worked as a nurse practitioner. Following the COVID-19 pandemic, Inspiren transitioned its focus towards the senior living sector and is now looking into applications for at-home use, recognizing the growing trend of seniors aging in place.
Technical Features and Privacy Considerations
The AUGi system prioritizes patient privacy by ensuring that all footage collected is both blurred and de-identified. Data retention for retroactive reviews is also a critical aspect of the system’s design, safeguarding sensitive patient information while allowing healthcare providers to improve their services.
Funding Allocation and Future Development
The newly acquired funding will primarily be directed towards automating the AUGi system further, allowing it to independently document and bill for services rendered. This enhancement is aimed at streamlining operations for healthcare facilities, enabling them to provide better care while ensuring financial sustainability. Inspiren has also made significant strides in integrating the AUGi system with most major electronic health record systems, enhancing its usability within the healthcare framework.
In addition to technological advancements, the funding will facilitate the hiring of additional staff and support further software development efforts at Inspiren, which has been operational for nine years. This expansion signals the company’s commitment to improving elderly care and bolstering resources to meet industry demands.
Industry Context and Future Outlook
The rise of technologies like Inspiren’s AUGi highlights the convergence of healthcare and technology, especially in the context of an aging population. As more seniors choose to live at home longer, solutions that enhance safety, improve caregiver efficiency, and streamline healthcare documentation are becoming increasingly critical. Inspiren’s innovative approach positions it well within this growing market, promoting better health outcomes and operational effectiveness for senior care facilities.
With the support of substantial funding and an expanding product offering, Inspiren is poised to play a significant role in reshaping elderly care through advanced monitoring technology. The company’s focus on both residential and long-term care solutions reflects an understanding of the diverse needs within the healthcare landscape, ensuring that caregivers are equipped to provide the highest standard of care.
Deeper Dive: News & Info About This Topic
HERE Resources
New York Initiative to Combat Senior Loneliness
New York Extends Registration Deadline for Home Care Program
Additional Resources
- Crain’s New York: Inspiren Raises Series B for AI Senior Care
- BK Reader: Call for Proposals – Brooklyn Navy Yard’s Public Art Project
- Brooklyn Bridge Parents: Free Kid-Friendly Events This Week in Brooklyn
- The New Yorker: Wegmans in Brooklyn
- Untapped Cities: Layers Art Installation – Brooklyn Navy Yard
- Wikipedia: Senior Care
- Google Search: elderly care technology
- Google Scholar: AI in healthcare
- Encyclopedia Britannica: Health Care
- Google News: senior health technology
Author: STAFF HERE NEW YORK WRITER
NEW YORK STAFF WRITER The NEW YORK STAFF WRITER represents the experienced team at HERENewYork.com, your go-to source for actionable local news and information in New York, the five boroughs, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as New York Fashion Week, Macy's Thanksgiving Day Parade, and Tribeca Film Festival. Our coverage extends to key organizations like the Greater New York Chamber of Commerce and United Way of New York, plus leading businesses in finance and media that power the local economy such as JPMorgan Chase, Goldman Sachs, and Bloomberg. As part of the broader HERE network, including HEREBuffalo.com, we provide comprehensive, credible insights into New York's dynamic landscape.
