Electronic Caregiver Announces the closing of an additional $42.5 Million in Funding to Accelerate Expansion

Oct 26, 2022 3 min read
Electronic Caregiver Announces the closing of an additional $42.5 Million in Funding to Accelerate Expansion

Originally published by Benzinga on October 24, 2022

LAS CRUCES, N.M. , Oct. 24, 2022 /PRNewswire/ -- Electronic Caregiver (ECG), a leading digital health technology and services company, today announced the successful closing of the company's latest funding round, which raised an additional $30 million + warrant exercise for a total of $42.5 million. More than 90 percent of the funds came from repeat investors.

Over the past three years, ECG experienced a 669% compounded annual growth rate (CAGR) due to expanding services and high demand for its digital health solutions. Recently, Inc. Magazine listed ECG No. 968 on its annual Inc. 5000 list, the most prestigious ranking of the fastest-growing private companies in America.

"We are honored to be one of the 1,000 fastest-growing companies in America. We are becoming the undisputed leader in digital home health technology," said ECG President Joe Baffoe. "We connect people to their care teams by providing real-time actionable data, helping them avoid escalation and thrive in their own homes, where they universally want to stay."

ECG has been qualified as a technology solution provider in the Amazon Web Services (AWS) Partner Network. The company's innovative technology includes remote patient monitoring (RPM) and Chronic Care Management services, a new 3D Virtual Caregiver™, named Addison, advanced medical alerts, and telehealth solutions. Recently, the company released its certified ADDI telehealth platform, a scalable Platform-as-a-Service (PAAS) built on AWS.

The company anticipates their next round of funding will have a pre-valuation of $560 million, raising an additional $100 million. The new funds will dramatically grow ECG's revenues and customer base leading to an expected IPO within 24 months. To date, the company has raised $110 million in equity + $10 million in debt, totaling $120 million.

"ECG's ability to navigate through the pandemic and excel at hyper-growth during this difficult time has been both exciting and significant," said investor Harvey Yates, Jr., President of PetroYates, Inc. "We have supported the company through successive rounds and look forward to standing by their side when they go public and ring the bell on the NASDAQ."

"ECG's revenue growth is currently accelerating at hyper-growth, we project revenues to hit an annual $250 million + run rate by the end of 2024," said Baffoe. "The company now serves 20,000+ customers and estimates their customer base will exceed 250,000 by the end of 2024."

The company's Board of Directors includes executives from world-renowned companies such as Oracle, State Farm, Honda America, and Delphi. Former United States Representative Steve Pearce is an investor and ECG board member.

ECG debuted Addison, the Virtual Caregiver™, at the 2022 HIMSS Global Health Conference. Addison is the next generation of RPM technology, offering a solution to the global caregiver crisis and the ongoing COVID-19 challenges by providing healthcare management outside the doctor's four walls.

Addison is a state-of-the-art, 3D-animated caregiver. The Virtual Caregiver™ engages with and helps monitor the health of aging and chronically ill clients and child patients via touch-screen devices placed throughout a home.

Addison helps monitor patients' health by providing voice-driven medication reminders, 24/7 emergency response, and telehealth services. Addison can also lead patients through the steps of recording vitals, such as blood pressure, oxygen saturation levels, and temperature, with the ability to share that information with designated providers and caregivers in real time.

Users can customize the Virtual Caregiver™ to fit users' preferences. Clients can choose from eight avatars of different ethnicities and genders to interact with, and Addison's environment can automatically mirror client lighting and weather. Pre-orders are currently underway.

About Electronic Caregiver

Founded in 2009, Electronic Caregiver is a privately held digital health technology and services company headquartered in Las Cruces, New Mexico. Electronic Caregiver's mission is to design and deliver innovative, impactful telehealth products and services that bridge the chasm between the doctor's office and the patient's home to improve outcomes, expand access, and optimize resource allocation. Electronic Caregiver has been qualified as a technology solution provider in the AWS (Amazon Web Services) Partner Network. The company's solutions are available through healthcare organizations, physician practices, care management firms, home care agencies, and senior housing providers to deliver hospital-at-home, chronic care management, and remote patient monitoring programs.

This document has been prepared by ECG for discussion and/or information purposes only. This document shall not constitute an offer to sell, or the solicitation of an offer to buy any securities, or other instruments. Any opinions expressed herein reflect our judgment at the date and time hereof and are subject to change without notice. The information contained in this document has been internally developed or taken from trade and statistical services and other sources which we deem reliable, but no warranty is made that such information is accurate or complete and it should not be relied upon as such.

All information set forth herein is indicative and subject to change without notice. Any opinions expressed herein reflect our judgment at the date and time hereof and are subject to change without notice.

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