Quebec-based funding arm recognizes potential of young Canadian home healthcare software company
AlayaCare, a Canadian-owned software company that just celebrated its third birthday is poised to grow right alongside the home care industry it supports after receiving $2.4 million in another successful funding round from Quebec-based Fonds Innovexport.
Fonds Innovexport, an investment fund created by a group of entrepreneurs together with the Government of Quebec through Investissement Quebec, La Caisse de dépôt, FSTQ, Fondaction CSN and supported by the City of Quebec, strategically seeds innovative start-ups that carry the potential to become global leaders. This latest investment allows AlayaCare to sustain its three year annual sales growth percentage of 125+% and provides the flexibility to invest more in its product and people.
“To receive this level of trust and support from Fonds Innovexpert is a testament to how far we’ve come in a short period of time,” said Adrian Schauer, CEO of AlayaCare. “Home care agencies in Canada, the United States and as far away as Australia are realizing how the software we built can not only strengthen their core business, but improve the delivery of care itself, ultimately generating better patient outcomes.”
AlayaCare’s delivers an all-in-one cloud-based software solution that includes remote patient monitoring, e-health, clinical documentation, a mobile app for caregivers to facilitate on-site support, and back office functionality.
“Our decision to invest in AlayaCare was based on the excellence of the management team, the strong underlying trends supporting the targeted market and the outstanding quality of the solution AlayaCare brings to their clients. We are confident that they will continue to grow into a market leader in their field,” said Richard Bordeleau, President of Fonds Innovexport.
According to Market and Markets, the North American home Healthcare Market is pegged at 130+ Billion dollar industry and with the aging baby boomer this industry is ripe for innovation and technology investment. According to Schauer, “AlayaCare’s vision is to deliver better patient outcomes and we believe data and the technology that supports care in the community is integral”
This latest investment from Fonds Innovexpert marks AlayaCare’s 3rd funding round since its inception in 2014. AlayaCare has its sights set on being the global leader in home healthcare technology, and believes the deep talent pools and start-up ecosystems in Montreal and Toronto provide a great launch point for this effort.