A UK-based SaaS company, startup Lilli that uses a proactive lifestyle monitoring technology to revolutionize care is announcing today that it has raised more than €9.5 million in Series A financing round led by West Hill Capital, representing a 37% increase from Lilli’s initial target.
The subject company is pioneering the shift from a reactive to a proactive care model. With the aid of smart, non-intrusive technology and proprietary AI and machine learning (LLM), Lilli observes patterns and trends existing among users to equip care workers with clear and accurate insights into wellbeing and what is happening in homes. A measure that supports accurate decision-making and means behavioral changes can be easily identified before conditions become acute, thereby, improving health outcomes and reducing hospital visits.
The tech is already making waves in alleviating the resource and financial pressures experienced in the UK’s broader health and social care system. Evidence from councils including Reading and Nottingham indicates that organizations using Lilli can expect to save up to £9 for every £1 spent, generate thousands of additional carer hours, and see hospital discharge rates sped up by up to 16 days. In the longer term, independent economic analysis predicts that, by 2035, the platform could deliver benefits that are the equivalent of employing an additional 10,000 full-time carers in the subject market.
To rapidly power startup Lilli’s scale-up strategy across the public and private health and care sectors, the company will deploy the new financing, notably where demands for Lilli’s tech continue to grow. Given multiple contracts reaching nearly GBP 1m revenue secured in Q4′ 23 alone, a significant further achievement is anticipated in the UK and internationally.
The fresh investment will also enable Lilli to explore deeper avenues into AI insights and reporting and support the company in launching a friends and family version of the app. An app that will provide next of kin or informal carers with real-time information and reassurance about their loved one’s wellbeing – for instance, how they’re keeping their home warm and if they’re eating regularly.
“This latest financing powers Lilli with the funds needed to accelerate our mission of bringing the benefits of remote monitoring to more people within the UK and internationally”, ‘Gren Paull’, Chief Executive Officer at Lilli said. “Our focus has remained unwavering in allowing people to live safely, happily, and independently at home for longer – keeping them connected to their communities and circles of support, whilst reducing the burden on an overwhelmed and under-resourced health and care sector”.
“The sector is in a well-documented state of crisis, and we have empirically proven how we can alleviate the pressures of diminishing budgets, resources, and even bankruptcy that local governments are facing. This success and evidence is what has delivered investors confidence and powered this oversubscription”.
‘Mark Hickson’, Managing Partner, West Hill, added: “West Hill is delighted to have led the second consecutive oversubscribed funding round for Lilli since 2021, which shows continued and growing interest in the company in today’s market. The business is on an exciting growth trajectory and winning numerous contracts quickly. Lilli’s data-driven digital healthcare platform has the potential to revolutionize how social care is delivered, utilizing innovative technology to provide substantial productivity gains and cost savings for local authorities and healthcare providers.
The capital raised in the offer provides resources to enable Lilli to meet growing demand and to rapidly scale this technology to improve the quality of life for people across the UK and then worldwide”.
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