Lilli, supplier of lifestyle monitoring tech, has announced that £8.2 million has been raised in Series A financing – a 37 percent increase from the initial target – with the aim of supporting the organisation in scaling up across the public and private health sectors; enabling further exploration of artificial intelligence; and supporting the launch of a family and friends version of the app to enable next of kin or informal carers to access real-time information about their loved one’s wellbeing.
The funding announcement follows a Pre Series A financing round in 2021 which saw oversubscription of 46 percent, with Intelligent Lilli saying that this highlights “the major opportunity the market sees for Lilli to continue to respond to the growing challenges of the health and care sector”.
Lilli uses technology designed to be non-intrusive within the user’s home alongside AI and machine learning to observe patterns and trends, so that carers can access insights into user wellbeing. According to Lilli’s website, “Evidence from councils including Nottingham and Reading show that organisations using Lilli can expect to save up to £9 for every £1 spent, generate thousands of additional carer hours and see hospital discharge rates accelerate by up to 16 days.”
In the longer term, the company adds, independent economic analysts have suggested that by 2035 “it could deliver benefits that are the equivalent of employing an additional 10,000 full-time carers in the UK”.
Chief executive officer Gren Paull comments that the financing round “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. 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 proved how we can alleviate pressures of diminishing budgets, resources and even bankruptcy that local governments are facing. This success and evidence is what has delivered investor confidence and powered this oversubscription.”
The funding round was led by West Hill Capital.
Last year HTN chatted with Intelligent Lilli’s chief commercial officer Nick Weston alongside social worker Lisa Hope, to hear about the use of the tech in practice as well as the benefits that Lisa has observed.
The Lilli team also joined us at HTN Now, delivering a webinar on where and how to deploy care technology to positively impact the whole system.