An Aussie startup has just scored $1 million from a health insurance fund

Curo’s Tim McDougall. Image: HCF

Australian private health insurer HCF has invested $1 million into medical technology startup Curo Technologies.

Curo’s system employs sensors to “unobtrusively” monitor the welfare of elderly residents in aged care facilities or their own home. The data is then put through analytics for reporting to mobile devices of care staff and family.

“HCF is constantly on the search for innovative and disruptive ideas that can improve the wellbeing of our members. Curo is a great example of this technological innovation, and HCF has a keen interest in not only the business but the greater goal of enabling people to live independently, for longer,” said HCF chief strategy officer Sheena Jack.

Curo’s technology, aimed to increase efficiency in care provision and provide peace-of-mind for family members, is currently undergoing a pilot program in Australia while the company has also planted a foot in the door in the United States market.

The startup is one of nine companies that received up to $150,000 in this year’s inaugural HCF Catalyst program — a six-month accelerator set up by the not-for-profit health fund to promote innovation in health technology. The $1 million investment just announced for Curo comes on top of the Catalyst program.

“We are pleased to be partnering with an organisation [HCF] that is aligned to the values of Curo and that has a genuine interest in improving the wellbeing of seniors in Australia,” said Curo chief executive and former business consultant Tim McDougall.

HCF Catalyst is backing up in 2017 for a second batch of startups, with applications to open later this year.

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