Waterlily, a company that uses AI to predict long-term care (LTC) needs up to decades before they happen, today announced the closing of a $7 million seed round led by John Kim, founding partner of Brewer Lane Ventures. And the company also secured strategic investments from Genworth, Nationwide, and Edward Jones. Plus, this round also included participation from key industry leaders including Tim Kneeland (former CEO of GE Insurance & Transamerica LTC), and others. Waterlily previously raised a $2.2 million pre-seed round with notable investors, including Scott Barclay (Managing Director of Healthcare at Insight Partners).
Waterlily utilizes AI to help a family plan for long-term care needs with predictions while estimating the costs. And the accuracy and specificity of Waterlily’s machine learning algorithms enable it to predict a user’s likelihood of needing long-term care, the age at which their needs will begin, how their needs will progress over what time, and how many hours or months of care specific family members, professional caregivers, or care facilities will provide.
This platform offers an overall personalized care plan – which is analyzed against personal financial data, insurance coverage, and healthcare trends to protect family savings and ensure loved ones have what they need to afford long-term care. Waterlily is also used by financial advisors, insurance carriers, insurance distributors, and independent insurance agents to help clients build better plans for their long-term care and motivate behavioral changes.
Few people realize that health insurance and Medicare do not fully pay for long-term care, so millions of Americans remain unprotected from the financial impact of long-term care. And Waterlily’s AI model is based on a series of assumptions regarding specific healthcare costs, personal health history, and caregiving trends. This program also takes that information and develops a tailored plan, projecting when care can be initiated and estimating the probable cost of the interventions, considering existing insurance policies and other financial resources.
This funding round will enable Waterlily to continue growing its platform, create more advanced AI-powered tools, and ramp up its ability to develop a suite of much more customized data-driven solutions for individuals, families, and financial planners. And the company aims to close the gap in long-term care planning so the next generation can better stand the chance of dealing with rising long-term care costs.
KEY QUOTES:
“Traditional financial planning tools have just not kept pace with the long-term care complexity and uncertainty out there. Waterlily is addressing one of the single most critical gaps in financial security and is well-positioned to help millions of families needing better tools to manage the financial challenges of aging.”
– John Kim, Founding Partner at Brewer Lane Ventures
“The system for financial planning today for long-term care is reactive, not proactive. Our application of AI makes the whole process seamless and more intuitive for families to know what they need to do today to secure their financial future and care needs tomorrow. This significant investment represents a belief in Waterlily’s ability to improve the financial well-being of millions of families.”
– Lily Vittayarukskul, Waterlily CEO and Co-Founder
