MFA Longevity Market Report
News and insights from thought leaders in the longevity economy
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Dear Friends and Colleagues,
We are in the midst of the holiday season, a time to express gratitude for all of those with whom we have collaborated this year and the amazing work they have done to make a difference in the lives of older adults. Holidays can be a time when loneliness and loss are felt more acutely, especially during this time of uncertainty, and we encourage everyone reading this to reach out to someone you know who lives alone or might be struggling with health conditions.
Throughout the year, we have been inspired by our clients and sponsors who provide amazing engagement solutions, digital pets, robots, and programs that helped older adults stay safe and vital at home. We experienced the great spirit of collaboration between public and private sectors, and we look forward to seeing that continue in 2022. Our team and our clients’ teams have worked with care and diligence to deliver innovative online solutions. So we want to take this moment to say thank you and to express our appreciation and wish you all the blessings of the season.
Warmly,
Mary
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Table of Contents:
- New Podcast: Caring & Companionship in a New Era
- Longevity Innovation Summit Highlights What's Working and What's Next
- Funding News
- Corporate Updates
- Events and Opportunities
- Books, News, and Reports
- In Memoriam
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New Podcast: Caring & Companionship in a New Era
An empathetic robot that asks how you are feeling...
A loving son or daughter filling a caregiving role...
In Episode 21 of What’s Next: Living Longer, Better, Smarter, Mary Furlong and Fred Fishkin are joined by Dor Skuler, CEO of Intuition Robotics, who shares how their companion robot, ElliQ, helps with daily living and reduces social isolation. In the second half of the episode, they talk with journalist Richard Lui, author of Enough About Me: The Unexpected Power of Selflessness, about his caregiving journey and lessons learned along the way. View or listen now!
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Longevity Innovation Summit Highlights What's Working and What's Next
The What’s Next Longevity Innovation Summit, held virtually on December 1-2, brought together government and business to take a look at what is working and what steps need to be taken to continue to improve the lives of older adults. Key presenters highlighted successful programs and partnerships, in addition to challenges that need to be addressed. We are grateful to all of the presenters, sponsors, and attendees that contributed to the success of the summit. Take-aways from the event include:
- One major area of opportunity (and funding) is addressing social determinants of health. According to Lance Robertson, “It is our chance now to be proactive and continue to push [so] that decision-makers understand and invest in social determinants.”
- When offering some insight about what led to Papa’s initial success with health plans, Founder and CEO Andrew Parker shared that it was important “to really understand what the priorities are of these health plans... We were fortunate to see that before they did and we were fortunate to be there when they needed it.”
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While previewing her new report on smart homes, Laurie Orlov emphasized that the $52 billion smart home market is yet another area of opportunity for entrepreneurs and investors. “There will be multiple tiers of service in this market,” she stated. “Those tiers will be based on the status of the individual” and include personalized, preventative, and predictive services.
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Funding News
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Longevica raised $2.5 million led by Xploration Capital to support a research platform and drug testing to increase longevity.
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SafelyYou, which offers AI-enabled fall detection and prevention, raised $30 million in Series B funding led by Omega Healthcare Investors.
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Olympus Corporation launched Olympus Innovation Ventures, which will focus on investing in technology that improves clinical outcomes, reduces healthcare costs, and enhances quality of life.
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Surglogs raised $10.5 million in Series A funding led by OpenOcean to pursue growth in additional markets, such as skilled nursing and long-term care facilities.
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Sword Health, which provides virtual musculoskeletal care, raised $189 million in Series D funding led by Saphhire Ventures - gaining the company unicorn status.
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London-based remote patient monitoring platform Lifelight raised over $8 million to expand its development efforts.
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AppliedVR raised $36 million in Series B funding and received FDA approval for its EaseVRx system to treat chronic pain.
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EasyHealth raised $135 million led by Anthemis Group for its AI-enabled platform to help engage Medicare enrollees and facilitate preventative care.
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Israel-based Filterlex Medical raised $6 million in Series A1 funding for its device that reduces the risk of complications during heart procedures.
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How Would the Build Back Better Act Impact Drug Prices?
The Build Back Better Plan, which passed in the House earlier in November and now awaits a vote in the Senate includes historic provisions to improve the health and wellbeing of older Americans, particularly when it comes to affording the skyrocketing prices of prescription drugs. The bill will allow Medicare to negotiate certain drug prices, penalizing drug companies that increase their prices faster than inflation, and adding a hard out-of-pocket cap to Medicare Part D. To help consumers better understand this plan, Nancy LeaMond, AARP’s Chief Advocacy & Engagement Officer, published a blog breaking down what to expect in the years to come from this much needed provision. Visit AARP.org to read more.
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MyndVR Acquires Immersive Cure
MyndVR continues its expansion with acquisition of Immersive Cure - another provider of virtual reality for seniors. The merger has already had benefits, bringing in New York-based MJHS as a partner in a study on how virtual reality can improve quality of life for those in hospice care, which will be funded by a grant from TD Bank.
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Events and Opportunities
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The Redefining Early Stage Investments (RESI) Conference will take place January 11-14. This event, taking place concurrently with the JP Morgan Healthcare Conference, connects early-stage products with capital and channel partners
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The 2022 Medicare Advantage Congress will be held on January 31 to February 1, 2022. It will provide health plans with information on how to get into the market or increase their current share, as well as how to prepare for a Medicare Advantage boom.
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The deadline for the XSeed Award – that will award five early stage, minority-led startups working on neurodegeneration research development projects up to $500,000 – is January 7, 2022.
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The National Institute on Aging has an array of small business opportunities, including for entrepreneurs, for projects addressing dementia, and others. Learn more.
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The CABHI Summit 2022 will be a two-day virtual event exploring the intersection of longevity, health tech, and business. This year’s Summit will be March 23-24. Pre-register now.
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The American Society on Aging will hold its annual conference, On Aging, in New Orleans on April 11-14, 2022.
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In Memoriam
The field of longevity has lost three brilliant and innovative contributors to the field of aging. MFA remembers them fondly and we send our condolences to their families.
Dr. Marilyn Ditty
Dr. Marilyn Ditty passed away on October 31, 2021. She dedicated her life to supporting older adults, including by founding Age Well Senior Services and serving as its CEO for 40 years.
Martha Holstein
Martha Holstein passed away on November 24, 2021. She dedicated her life to supporting women as they age, including as an accomplished author, professor, and co-director and one of the founders of the Center for Long-Term Care Reform at the Health and Medicine Policy Research Group.
Bob Dole
Bob Dole passed away at the age of 98. His illustrious political career included being the Senate Majority Leader, the national Republican chairman, and a presidential and vice presidential candidate. Two long-lasting achievements in the field of longevity included helping to rescue Social Security in 1983 and passing the Americans With Disabilities Act of 1990.
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