The company will use the funds to meet the growing demand for ElliQ, its conversational AI-powered robot that acts as a companion to seniors.
Senior-focused technology company Intuition Robotics, which offers an AI-powered care companion robot for seniors experiencing loneliness, announced it closed a $25 million funding round, which includes $20 million in venture capital and $5 million in debt.
The round was led by Woven Capital, the growth fund of Toyota, with participation from OurCrowd, Toyota Ventures, Western Technology Investment and other investors.
Nicole LeBlanc, a partner at Woven Capital, will join Intuition’s board of directors.
WHAT THEY DO
The Israeli-based company created ElliQ, an AI-powered companion for older adults suffering from loneliness. The device utilizes generative AI and large language models (LLMs) to allow continuous conversational experiences between the machine and its user.
ElliQ interacts using voice commands. It performs daily health check-ins, supports physical and cognitive activities, and encourages users to connect with family and friends.
Intuition Robotics will use the funds to continue enhancing ElliQ’s capabilities powered by LLMs and generative AI and to meet the demand for ElliQ across healthcare organizations and government agencies.
“Intuition Robotics is advancing the future of mobility for aging populations by offering human connection and access to goods and services that they couldn’t obtain otherwise,” LeBlanc said in a statement.
“The company is leading the way by providing a field-proven solution that delivers strong results, improving social infrastructure and serving overlooked markets in unique, thoughtful, and powerful ways. These are precisely the values behind the future of mobility that Toyota is bringing to life, making Intuition Robotics a natural fit for Woven Capital.”
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MARKET SNAPSHOT
In 2022, Intuition partnered with the New York State Office for the Aging, which provides programs, services and advocacy to support the state’s elderly population.
The partners piloted a program to bring ElliQ to more than 800 seniors to decrease loneliness, foster engagement and support aging individuals. The pilot proved successful, and the pair announced their continued collaboration earlier this month.
Another company utilizing AI for senior care is CarePredict, which combines wearable technology with indoor location tracking, deep machine learning and predictive analytics to detect an individual’s activities of daily living.
It also includes a touch-button call system to communicate with caregivers and provides an individual’s exact indoor location.
