Electronic Caregiver, Inc. Opens $95 Million Series A Preferred Financing to Fuel Expansion and Innovation in TeleCare Services
LAS CRUCES, N.M., June 12, 2023 /PRNewswire/ -- Electronic Caregiver, Inc., a pioneering provider of advanced TeleCare services and the renowned Addison Virtual Caregiver technologies, is thrilled to announce the opening of a new Series A Preferred financing. The $95 million financing will be offered to select institutional investment funds and large, existing strategic technology partners of Electronic Caregiver, Inc. CMD Global Partners is representing Electronic Caregiver in the placement.
This round of financing will be used to drive increased marketing, sales, and expansion efforts for Electronic Caregiver's virtual patient care, caregiving technologies, and services. With a strong focus on improving treatment adherence, health outcomes, and extending the functional lifespan, Electronic Caregiver aims to transform the way individuals receive care and support, empowering them to live healthier, more independent lives with an overall higher state of wellness.
"We conducted extensive interviews and due diligence with several top investment banking firms and John and his team at CMD Global were the clear choice to be our investment banking advisors for this round," said Joseph Baffoe, President of Electronic Caregiver.
Electronic Caregiver's suite of innovative solutions is designed to address the evolving needs of patients, caregivers, and healthcare providers alike. The company's flagship product, the Addison Virtual Caregiver, combines cutting-edge, artificial intelligence, mixed reality, and connected devices with personalized remote care to deliver an unparalleled level of support and assistance. Addison Virtual Caregiver acts as a reliable care companion, ensuring medication adherence, offering vital health reminders and measurements, performing automated assessments, providing access to emergency assistance, and delivering comprehensive health education, all from the comfort of one's home. Powered by ADDI, an innovative PaaS, the entire Addison solution has been certified in a "Well Architected Review" by AWS, with technologies that incorporate machine learning, artificial intelligence, natural language processing, computer vision, edge computing, and an array of integrated care services.
"We are delighted to embark on this exciting new chapter for Electronic Caregiver with the support of our Series A Preferred financing," said Anthony Dohrmann, the visionary leader behind Electronic Caregiver. "This funding will enable us to enhance our marketing and sales efforts and drive continued product differentiation and enhancements, while reaching even more individuals in need of advanced TeleCare services. By expanding our footprint and driving innovation, we aim to revolutionize the way patients are cared for, bringing unprecedented convenience, independence, and peace of mind to individuals and their loved ones."
This funding allows Electronic Caregiver to amplify its marketing initiatives, strengthen its sales infrastructure, and accelerate its research and development efforts. The company's dedicated team of experts will work tirelessly to bring its transformative technologies and services to a broader audience, forging more strategic partnerships with key players in the healthcare and technology sectors.
"We are delighted to be working with such a high-quality, innovative company as the Electronic Caregiver. The proceeds from this round will help Electronic Caregiver rapidly exploit their first mover advantage across multiple markets and provide reliable and engaging service to their customers," said John Adams, Managing Director CMD Global.
Electronic Caregiver's commitment to leveraging technology to improve and extend patient care has already garnered recognition and trust from many healthcare providers and caregivers nationwide, resulting in improved management of chronic conditions, lower hospital readmissions and countless life-saves. This financing will help empower more individuals to take control of their health and well-being during a time of rising demand for care, coinciding with an increasing shortage of available doctors. A significant percentage of doctors are working at or past the average age of retirement.
About Electronic Caregiver, Inc.:
Electronic Caregiver, Inc. is a leading provider of advanced TeleCare services and the renowned Addison Virtual Caregiver technologies. The company is dedicated to enhancing patient care and extending functional lifespan through innovative solutions that improve treatment adherence and health outcomes. By leveraging artificial intelligence and personalized care, Electronic Caregiver is revolutionizing the way individuals receive support, empowering them to live healthier, more independent lives.
Electronic Caregiver, Inc. has collaborated extensively with Amazon, Intel, and Lenovo Group, LTD. Electronic Caregiver, Inc. has achieved over $100M in prior funding since being founded in 2009.
About CMD Global, LLC:
CMD Global, LLC, is an independent, boutique investment bank that typically works for publicly traded and privately owned companies, PE firms, and SPAC management teams who seek to leverage the breadth of their relationships, depth of their industry knowledge, and global reach of their firm. That has resulted in CMD Global, LLC, serving as exclusive advisor on M&A, Capital Raising and Restructuring assignments with transaction values as small as $40-50 million, as well as on several deals valued at over $5 billion.
Information provided is for informational purposes only and does not constitute an offer or solicitation to sell shares or securities in the Company or any related or associated company. Any such offer or solicitation will be made only by means of the Company's confidential offering memorandum and in accordance with the terms of all applicable securities and other laws. None of the information or analyses presented are intended to form the basis for any investment decision, and no specific recommendations are intended. Accordingly, this document does not constitute investment advice or counsel or solicitation for investment in any security. This document does not constitute or form part of, and should not be construed as, any offer for sale or subscription of, or any invitation to offer to buy or subscribe for, any securities, nor should it or any part of it form the basis of, or be relied on in any connection with, any contract or commitment whatsoever. The Company expressly disclaims any and all responsibility for any direct or consequential loss or damage of any kind whatsoever arising directly or indirectly from: (i) reliance on any information contained herein, (ii) any error, omission or inaccuracy in any such information or (iii) any action resulting therefrom.
SOURCE Electronic Caregiver
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