Development Leads £440,000 Investment Round Into AI Technology for the Elderly
10 June, 2024
The Development Bank of Wales has led a funding round of £440,000 with an equity investment of £250,000 in AI-powered technology that is helping to keep the elderly healthy, independent and safe.
As a privacy first, connected-care platform, wall-mounted Hestia sensors capture heat sensing data and record temperatures, daily movements, rest patterns and any falls. It does not involve the use of cameras.
Hestia is the brainchild of founders Afroditi Konidari and Rui Zhang who set up Cardiff-based Tendertec in 2017. They are both remote carers and share a background in digital health, connected care and smart buildings.
Family office Puffin Point, Theti Club angels and business angels have invested alongside the Development Bank. Coupled with previous investment from Metavallon VC and a grant of £1.4 million from Innovate UK and UKRI’s Designed for Ageing challenge in 2022, Tendertec will use the funding to support the company’s expansion into the broader social care market and create more opportunities in Europe, particularly within the domiciliary care sector.
Dr Afroditi Konidari, co-founder and CEO of Tendertec, said: “The elderly population is rapidly growing, and the care sector is struggling to keep pace. The current situation calls for innovative AI solutions, like Hestia, to address the urgent need for caregivers and fulfil the care sector’s economic and job creation potential,”
Rui Zhang, co-founder and CTO, said: “We all have ageing parents and grandparents and are keenly aware that when you can’t be with someone all of the time, you are bound to miss early symptoms of health deterioration and frailty. Hestia provides 24/7 visibility into potential risks, offering reassurance with remote monitoring. Since Tendertec’s inception, we’ve detected over 5,000 fall-related incidents and early symptoms of frailty, enabling those with complex care needs to receive early intervention and maintain their independence.
“We’re committed to developing an infrastructure where elders and their caregivers can thrive together so we’re grateful to the Development Bank of Wales and our business angel investors for their continued support.”
Linzi Plant is an Assistant Investment Executive with the Development Bank. She said: “Both Afroditi and Rui have a passion for tech-enabled care along with expertise in machine learning and user-centred design. Our finance will help them to help others to stay healthy, independent and safe with a data-driven solution that is cost-effective, personalised and preventative.
“We’re delighted to be working with co-investor Puffin Point. As a family office, they are a great example of how we are attracting more investors to Wales and stimulating more investment for Welsh businesses.”
Will Chawner, Investor at Puffin Point said: “Tendertec ticks a lot of boxes for us from an investment perspective, none more so than having a fantastic management team. We are hugely excited to see how their innovative solution measures against its enormous potential.”
Investment for Tendertec came from the £20 million Wales Technology Seed Fund II that is financed by the Welsh Government. Equity investments between £50,000 and £350,000 are available for Welsh tech businesses and those willing to relocate to Wales at a proof-of-concept stage.
