Teaser Text: Funding supports mission of making the lives of older adults and those living with disabilities simpler, healthier and happier through the use of technology
Category: Portfolio News
Raleigh, N.C. – October 24, 2016 – K4Connect, a mission-oriented technology company that creates solutions that serve and empower older adults and individuals living with disabilities, today announced it has raised $8 million in Series A funding, led by Intel Capital. In addition to Intel Capital, this financing included new strategic investments by RGAx, LLC, a subsidiary of Reinsurance Group of America, Incorporated (NYSE: RGA), a global provider of life and health-related reinsurance with over $10B in revenue, and Traverse Venture Partners, a growth equity platform focused on accelerating the transition to more productive, flexible and valuable real estate, including senior living communities. All of the Company’s seed-stage fund investors also participated, including Sierra Ventures, Stonehenge Growth Equity, Lowe’s Corporation and Better Ventures. K4Connect plans to use the funds to accelerate the growth of its first product, K4Community, designed specifically for the residents and operators of Senior Living Communities, of which there are over 22,000 in the U.S. alone.
Intel Capital announced the investment earlier today at its 17th Annual Intel Capital Global Summit in San Diego, a gathering of nearly 1,000 technology executives and industry influencers.
“There are close to 1.5 billion older adults and people living with disabilities in the world today, a market segment expected to grow to nearly 28 percent of the world’s population by 2050,” said Scott Moody, Co-founder and CEO of K4Connect. “That’s an enormous segment of society currently underserved by technology. Our solutions, of which K4Community is just the first, empower those we serve to live simpler, healthier and happier lives.”
K4Community integrates the latest in smart technologies into a single responsive platform, enabling smarter living environments and healthier lives, while also fostering family and community engagement for senior living residents. With a single touch, community residents can control their apartments, stay connected with loved ones through photo sharing or video chats, and stay more engaged in community activities through event calendars and newsletters. K4Community also benefits operators of these communities by allowing them to provide the best in care and hospitality with value-added amenities, while increasing revenues and lowering costs.
“K4Connect puts the power of technology to work in a way that benefits the lives of older adults and people living with disabilities,” said Doug Davis, senior vice president and general manager of the Internet of Things (IoT) Group at Intel Corp. “Bringing smarter connections and innovative technologies to new places and underserved users aligns with Intel’s vision for the future of how we live and work across all sectors.”
Sierra Ventures and Stonehenge Growth Equity were previously investors in AuthenTec, the fingerprint sensor technology company co-founded by Moody that was acquired by Apple in 2012. AuthenTec remains the only public company ever acquired by Apple, and its technologies are now the foundation for Apple’s Touch ID.
“We’re excited about supporting Scott and the team at K4Connect as they work to transform an industry and make a difference in people’s lives, much as they did at AuthenTec,” said Ben Yu, Managing Director at Sierra Ventures. “We’ve seen many other companies in this space, but K4Connect has worked extensively with those they serve to produce what we think is a truly unique solution.”
“What impresses us most about K4Connect is not only their mission orientation, ‘To serve the underserved’, but that they have assembled a very talented team,” said Steve Lux, Managing Partner at Stonehenge Growth Equity. “We’re thrilled to be supporting Scott again and helping the K4Connect team make their mission a reality.”
To learn more about K4Connect, visit www.k4connect.com.
K4Connect creates solutions that serve and empower older adults and individuals living with disabilities, enhancing lives through an open technology delivery and management platform that combines home automation, health and wellness technology, content and communications. The Company’s products enable simpler, smarter living environments and healthier lives, while fostering family and community engagement. For more information, please visit www.k4connect.com.
About Intel Capital
Intel Capital, Intel’s strategic investment and M&A organization, backs innovative startups targeting computing and smart devices, cloud, datacenter, security, the Internet of Things, wearable and robotic technologies and semiconductor manufacturing. Since 1991, Intel Capital has invested US$11.7 billion in 1,457 companies worldwide, and 605 portfolio companies have gone public or been acquired. Through its business development programs, Intel Capital curates thousands of introductions each year between its portfolio executives and Intel’s customers and partners in the Global 2000. For more information on what makes Intel Capital one of the world’s most powerful venture capital firms, visit www.intelcapital.com or follow @Intelcapital.