Lilli, a software-as-a-service company developing AI-powered lifestyle monitoring technology to help care workers better serve their patients, has raised £8.2m in a Series A financing round.
The UK-based company said its AI-powered technology can help alleviate pressure from diminishing budgets and resources within the care industry.
Lilli uses AI and machine learning to observe patterns and trends of vulnerable people living on their own. The company said its mission is to help people live safely and independently in their homes for longer.
Care workers can access the recorded data to get a better understanding of their patients and support accurate decision-making. The technology also aims to spot behavioural changes earlier, improving health outcomes and reducing the need for hospital visits.
“Our focus has remained unwavering in allowing people to live safely, happily and independently at home for longer – keeping them connected to their communities and circles of support, whilst reducing the burden on an overwhelmed and under-resourced health and care sector,” Lilli CEO Gren Paull said.
Lilli’s latest funding round follows its Pre Series A funding round in March 2021. Both rounds were led by West Hill Capital and will be used to support the company’s growth trajectory.
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“This latest financing powers Lilli with the funds needed to accelerate our mission of bringing the benefits of remote monitoring to more people within the UK and internationally,” Paull said.
Research and analysis company GlobalData predicts that the medical industry will receive the first killer app for generative AI (GenAI) in 2024.
Throughout 2023, venture capitalists and companies invested heavily in large language models following the unprecedented success of OpenAI’s ChatGPT.
According to GlobalData’s report, 2024 Enterprise Predictions: Cloud Reset, venture capitalists and companies are now looking to invest heavily in the application layer of GenAI development.
The research and analysis company predicts that the medical industry will receive a GenAI app which will provide aging populations and their caregivers with significantly improved access to medical professionals, services, and benefits.
GlobalData forecasts that the overall AI market will be worth $909bn by 2030, registering a compound annual growth rate (GAGR) of 35% between 2022 and 2030.
In the GenAI space, revenues are expected to grow from $1.8bn in 2022 to $33bn in 2027 at a CAGR of 80%.