- Series A funding powers the significant commercial scale-up of the lifestyle monitoring technology company and further development of artificial intelligence (AI) capabilities as it continues to build momentum
- Back-to-back oversubscribed fundraising rounds highlight the major opportunity the market sees for Lilli to continue to respond to the growing challenges of the health and care sector.
- Independent economic analysis predicts that, by 2035, Lilli could deliver benefits to the healthcare system that are the equivalent of employing an additional 10,000 full-time carers in the UK.
Lilli, the SaaS company using a proactive lifestyle monitoring technology to revolutionise care, today announces that it has raised £8.2 million (USD 11m) in Series A financing, a 37% increase from its initial target. This comes off the back of its Pre Series A in March 2021 where it was oversubscribed by 46%. Both rounds were led by West Hill Capital and will support the company’s growth trajectory and mission to help people live safely and independently in their homes for longer.
Lilli is pioneering the shift from a reactive to a proactive care model. Through smart, non-intrusive technology and proprietary AI and machine learning (LLM), Lilli observes patterns and trends among users to equip care workers with clear and accurate insights into wellbeing and what is happening in the home. This supports accurate decision-making and means behavioural changes can be easily identified before conditions become acute, improving health outcomes and reducing hospital visits.
The technology is already helping to alleviate the resource and financial pressures in the broader health and social care system in the UK.
Evidence from councils including Nottingham and Reading show that organisations using Lilli can expect to save up to £9 for every £1 spent, generate thousands of additional carer hours and see hospital discharge rates accelerate by up to 16 days.
In the longer- term, independent economic analysis predicts that, by 2035, it could deliver benefits that are the equivalent of employing an additional 10,000 full-time carers in the UK.
The Series A secures the financing to execute Lilli’s strategy to rapidly power its scale-up across the public and private health and care sector, where demand for Lilli’s technology continues to grow. With multiple contracts exceeding GBP 1m revenue secured in Q4 2023 alone, significant further momentum is anticipated, both in the UK and internationally.
The funds will also enable the company to explore deeper avenues into AI insights and reporting and support Lilli in launching a friends and family version of the app.
This app will provide next of kin or informal carers with access to real-time information and reassurance about their loved one’s wellbeing – for instance if they are eating regularly, keeping their home warm and bathing.
Gren Paull, Chief Executive Officer at Lilli, said: “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. 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.
The sector is in a well documented state of crisis, and we have empirically proved how we can alleviate pressures of diminishing budgets, resources and even bankruptcy that local governments are facing. This success and evidence is what has delivered investor confidence and powered this oversubscription.
Mark Hickson, Managing Partner, West Hill, adds: “West Hill is delighted to have led the second consecutive oversubscribed funding round for Lilli since 2021, which shows continued and growing interest in the company in today’s market. The business is on an exciting growth trajectory and winning numerous contracts in quick succession. Lilli’s data driven digital healthcare platform has the potential to revolutionise the way in which social care is delivered, utilising innovative technology to provide substantial productivity gains and cost savings for local authorities and healthcare providers.
The capital raised in the offer provides resources to enable Lilli to meet growing demand and to rapidly scale this technology with a view to improving the quality of life for people across the UK and then worldwide.”