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Senior care technology platform Sage has raised $65 million in Series C funding, led by Growth Equity at Goldman Sachs Alternatives, bringing its total raise to $124 million.
Existing investors IVP and Goldcrest participated in the round.
WHAT IT DOES
New York-based Sage offers a coordinated care platform for senior living communities and long-term care facilities. The platform connects residents and their caregivers with care teams.
The company also provides AI-enabled devices and sensors, including fall-detection sensors, installed within facilities to monitor residents and trigger alerts when care is needed.
Sage collects data insights and provides care teams with information on residents' needs and trends, along with recommendations and community performance metrics.
The company will use the funds to enhance its technology, including deepening investments in its predictive AI offerings around resident safety, caregiver workflow and skilled nursing.
"This investment allows us to put caregivers at the center of innovation – by delivering a platform that provides real-time intelligence, and by convening an inaugural summit to ensure their voices and expertise drive the future of the industry," Raj Mehra, cofounder and CEO of Sage, said in a statement.
MARKET SNAPSHOT
In 2024, Sage secured $35 million in Series B funding, one year after raising $15 million in a Series A funding round. The company garnered $9 million in seed funding in 2022.
According to a Pew Research Poll, the oldest members of the baby boomer generation, adults born between 1946 and 1964, will turn 80 in 2026, and last year, the United States Census Bureau reported that the number of adults 65 and older is growing faster than other age groups, while the number of children is declining.
There is an anticipated "silver tsunami" coming in the next several years, or a rapid aging of the baby boomer generation, that will create a significant strain on the healthcare system.
According to the American Medical Association, that tsunami is anticipated to increase demand for post-acute care and put pressure on a healthcare system already facing physician shortages.
Other digital health companies focused on senior care include The Helper Bees, a technology platform that focuses on how older adults live and age, and insurtech provider Clover Health.
