(Image source: Vesta Healthcare homepage.)
Nationwide’s (Columbus) venture capital organization has invested in the Series A for Vesta Healthcare (New York), a provider 24/7 technology and clinical services dedicated to supporting caregivers and connecting their insights to the rest of a patient’s care team. The funding comes from Nationwide’s $100 million venture capital investment fund.
“Caregivers have a huge impact on a person’s ability to live comfortably in retirement. We are thrilled to support Vesta in connecting home caregivers to the clinical environment to create a meaningful impact on people’s daily health,” comments Erik Ross, head of Nationwide’s venture capital team. “We see our investment as embodying Nationwide’s mission of protecting people, businesses and futures with extraordinary care.”
Vesta Healthcare aims to improve health outcomes for seniors with high and rising health needs by connecting in-home caregiver insights, advanced analytics and 24/7 telehealth with the patient’s surrounding care team.
People prefer to live at home as they age, but often do not have the support they need to do so safely and comfortably, according to Randy Klein, CEO, Vesta Healthcare. “We support and engage high needs seniors and their caregivers by capturing daily insights and providing timely and personalized information, tools and clinical support,” he says. “In doing so we provide peace of mind while preventing unnecessary emergency room visits, hospitalizations, and nursing home stays. We are delighted to have an experienced, passionate and dedicated investor like Nationwide investing in us who shares our vision of meaningfully impacting people’s daily health by creating engaging and supportive tools for caregivers.”
Nationwide also announced its investment in KINETIC, a New York-based maker of a smart wearable device and software platform designed to reduce workplace injuries, which last year cost U.S. employers almost $60 billion.
“Given the magnitude and cost of the problem, it was surprising to see the lack of technological solutions in the marketplace,” comments Haytham Elhawary, CEO and co-founder, KINETIC. “It’s not just the injury rates and their accompanying expense that are costing employers. It’s everything that comes along with it—the lost workdays, the overtime, rehiring and retraining new employees. There’s also the human side of those injuries. My mother worked as a nurse when I was growing up and I remember her suffering multiple injuries while on the job and often coming home in pain. An injury at work affects every aspect of your life and your ability to provide for your family. We’re thankful to Nationwide for partnering with us as we work to reduce workplace injuries.”
Better Body Mechanics
The device is designed to help workers move with better body mechanics by providing real-time feedback in the form of a vibration to the wearer, reinforcing safer body mechanics every time a risky motion occurs. An accompanying dashboard helps managers understand where their next injury might happen, by showing increases in risk by department, time of day or job type.
KINETIC reports that it has been successful in reducing OSHA recordable injury rates and lost workdays by 54 percent and 88 percent respectively. KINETIC has been deployed to over 21,000 workers at over 150 locations, including six, Fortune 50 companies. Through the Nationwide investment the company expects to be able to increase its reach significantly.
The Vesta Healthcare and KINETIC announcements are part of Nationwide’s commitment to invest more than $100 million of venture capital in customer-centric solutions. Nationwide’s venture capital organization has made several recent investments, including: Upstream Security, Socotra, Betterview, Nexar, BlueVine, blooom, Insurify, Next Insurance, Matic and Sure.