Virtual care company PacSana says it has completed a fundraising round of €1 million to help accelerate business growth in US.
PacSana said the funding was led by serial investors Eoghan Quigley and Richard Hayes, who have had several successful exits including Global Shares and Decawave.
In January 2021, operating company Pac Sane Ltd raised €650,000 from the Pradn Family Partnership, Howard Roberts, Frank Dolphin, Paschal Naylor and Thomas Archer Ballina Investments.
PacSana was established four years ago with the aim of effectively using technology to support independent living for elderly people.
PacSana wearable technology can gather data such as exercise, gait, falls and location in the home to build a picture of care needs and inform on emerging and urgent issues.
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With offices in Boston and Dublin, PacSana says it helps help Senior Living and Private Home care companies use technology to grow their revenues and increase customer lifetime value.
CEO Feargal Duignan commented: “A shortage of staff is the number one issue we see for our customers in Senior Living and Home Care services. This has forced everyone to rethink the old models of care.
“PacSana is innovating into that space, and we are seeing a massive uplift in demand for our service. We are working closely with key partners to add further insights and deeper value and we look forward to sharing more on that later in the year.
“It is great to have the support of such an experienced investment team. They have really grasped the opportunity in the problem we solve and have been terrific to work with.”
Eoghan Quigley added: “PacSana is a fantastic vehicle for gathering high value data. PacSana has already proven it can improve outcomes for individuals in care, but I see a huge value downstream to make a big impact improving insurer care models.”
PacSana has received €150,000 taxpayer investment through Enterprise Ireland. Other backers are Arthur Mangan and the NDRC, which invested €50,000 in 2020.
Feagal Duignan has also invested €50,000 in the venture.
Pac Sane Ltd's start-up losses at the end of 2021 amounted to €330,000, with €430,000 of development work capitalised.
