Newcastle, UK, 18th January 2024 / Sciad Newswire / Circadacare, an independent living technology company that integrates proven circadian light technology with a unique monitoring platform to enhance wellness and promote independent living, today announces that it has successfully raised £1.3 million in funding, led by Northstar Ventures, with contributions from both private and venture capital investors. This news comes alongside the company’s match-funded partnership award from Innovate UK, the UK's national innovation agency.
The funds raised in this round will drive Circadacare’s ongoing development and expansion plans with a focus on investing in product research, growing the team and identifying additional market opportunities.
Over 920,000 people in the UK are thought to be living with dementia, at an estimated cost of £35 billion to the economy. Approximately 85% of this cost relates to social care and unpaid care with 61% of people living with dementia living in the community in their own homes. Circadacare’s light technology is proven to support sleep and alertness, which can result in reduced falls, improved cognition and engagement, and alleviated ‘sundowning’. Circadacare offers families and caregivers peace of mind, ensuring that their loved ones receive gentle, non-invasive care that helps synchronise their circadian rhythms while promptly notifying care providers of any notable lifestyle changes.
James Theobald, Founder of Circadacare, expressed gratitude for the support, stating, "We appreciate this vote of confidence from our investors and Innovate UK. This funding and award will help us to continue our mission of helping individuals live independently for longer. By harnessing the combined potential of circadian light technology and advanced AI monitoring we can deliver top-tier independent living solutions."
Tallie Bush, Product Director, added, “We’d like to extend our sincere thanks to our investors, Innovate UK, and our dedicated team for their ongoing support. We're excited about what the future holds for Circadacare and are committed to continuing to develop our technology so that it enables the delivery of effective care for everyone in need of support. The continued support from our investors, along with the recognition from Innovate UK, speaks to the potential they see in our work and the need for enhanced independent living solutions.”
Richard Charnley, Investment Director at Northstar Ventures, said “We are proud to invest in an organisation such as Circadacare who provide a healthy ageing solution to help people live independently for longer. Their technology has the potential to massively reduce people's reliance on health care providers and give peace of mind to families and caregivers. We fully support Circadacare's expansion and believe they will grow from strength to strength.”
ENDS
For further information, please contact:
Circadacare
E: hello@circadacare.com
T: +44 (0)121 387 0286
Sciad Communications, Media Relations
Juliette Craggs / Maria Taylor
E: pressteam@sciad.com
T: +44 (0)20 3405 7892
Notes for Editors
*Sundowning is a state of confusion or distress experienced towards the end of the day that can also cause difficulty sleeping. It is common in Alzheimer’s and dementia.
Dementia study: https://www.scie.org.uk/dementia/about/#:~:text=More%20than%20920%2C000%20people%20in,accounting%20for%20over%20880%2C000%20people.
About Circadacare
Circadacare is an independent living technology company that integrates proven circadian light technology with a unique monitoring platform to enhance wellness and promote independent living.
Combined with intelligent, personalised monitoring, Heleos from Circadacare is an easy-to-install light bulb that provides consistent lighting throughout the home, with integrated monitoring technology that can detect deviations from normal behaviour in real time. Circadacare’s circadian light technology is already in use in care homes across the UK, providing circadian light that is proven to support regular sleep patterns, alertness and reduce ‘sundowning’ and falls. The technology provides a highly effective and cost-efficient means of enabling people to remain in the comfort of their homes for longer. By doing so, Circadacare is enhancing the quality of life for older individuals, ensuring caregivers are better informed and alleviating the strain on social care resources.
About Northstar Ventures
Northstar Ventures is a venture capital and social investment firm based in the North East. We provide funding for innovative, scalable businesses and high impact social enterprises. We’ve been supporting entrepreneurs since 2004, seeking out strong teams with great ideas that will drive high growth, scalable businesses, and sustainable charities. As the North East’s leading early stage investor, we have invested over £100m into start-ups, early stage businesses and high impact social enterprises. Our investment managers have a wealth of experience supporting new and growing businesses and bring commercial and operational experience, PhDs and MBAs, international careers and even a micro-business or two.