Raleigh, North Carolina-based K4Connect is a technology company that creates solutions that empower older adults and individuals who are living with disabilities. K4Connect announced this week that it has raised $12 million in Series B funding led by AXA Venture Partners. With this round of funding, K4Connect has raised a total of more than $22 million. Other investors that participated in this round include Intel Capital, Sierra Ventures also Stonehenge Growth Equity, Revolution Ventures’ Rise of the Rest Fund, Traverse Venture Partners, Better Ventures and Reinsurance Group of America subsidiary RGAX, LLC.
With this round of funding, K4Connect plans to further develop its K4Community solution and the underlying Fusion platform/OS technologies. And K4Connect also plans to expand its customer base, which includes more than 13,000 residents across dozens of senior living communities ranging from Florida to California. Plus the company is planning to accelerate its partnerships across a spectrum of consumer and senior living-specific companies. In the past year, K4Connect saw a record growth by tripling its revenues and expanding its team by 40%.
“We’re honored to have an organization such as AXA Venture Partners lead our latest round of funding. We have been extremely fortunate to have a set of investor advocates who not only wholly support our mission, but also bring significant strategic value,” said K4Connect Chief Member Advocate, Co-founder and CEO F. Scott Moody in a statement. “Very few companies understand the health and insurance markets, both nationally and globally, as well as AXA. Their support will allow us to not only grow in the United States but expand internationally as well. We look forward to working with them to expand the market for our first product, K4Community, as well as other planned products.”
K4Connect’s K4Community product was designed to serve residents, staff members, and operators of senior living communities. By integrating with smart home, smart wellness, and smart living technologies, K4Community brings senior living communities into a “Smart Community.” And K4Community brings together a plethora of advanced device, application, and service technologies, which makes them accessible through touch and voice technologies.
K4Community is also used for providing community staff and operators with tools and data for providing the best in care and hospitality. And it drives a measurable ROI by providing insights about operational efficiencies and lowered costs. And K4Connect’s Fusion platform/OS is a multi-modal software platform that is essentially an enterprise-wide operating system that provides a secure and reliable edge-cloud hybrid architecture. And Fusion facilitates the integration of virtually any device (home or wellness), service, or application into a central system.
“The health and well-being of the world’s aging population is a key focus for us,” added AXA Venture Partners general partner Manish Agarwal. “We’ve looked at a number of impressive technologies designed specifically for older adults over the years, yet K4Connect is the first company we’ve seen that can bring all these disparate technologies together into a single solution, not only for the senior living community operators, but also for the residents and their families. We’re excited about partnering with the K4Connect team, including all their prior investor advocates, to find new ways to bring the Company’s current and future solutions to the one billion people they hope to serve around the world.”
In conjunction with this funding round, Dr. Agarwal is joining K4Connect’s board of directors. Some of the other board members at K4Connect include Sierra Ventures’ Dr. Ben Yu, Intel Capital’s Dave Johnson, Stonehenge Growth Equity’s Steve Lux and Terri Novak (former COO of Kisco Senior Living).