K4Connect, a North Carolina startup that outfits retirement homes with smart-home technology, raised a $12m Series B. And, though they’re often associated with young people, tech startups are increasingly launching products for a new demographic: retirees.
Moving from millennials to baby boomers
“There’s a joke that San Francisco is the premiere assisted living community for millennials,” said CEO Scott Moody, whose first company created the biometric scanning technology that powers iPhone’s Touch ID system.
K4Connect creates smart devices (including ovens, TVs, and lights) used by more than 13k residents of senior living facilities across the country, and it plans to expand to autonomous shuttles and robotics.
Elder-tech graduates from the era of Life Alert
In the past year, K4Connect has tripled its revenue — but they’re not the only company designing technology solutions for grandparents.
Yesterday, a company called Vayyar Imaging launched a new product, Walabot Home, that uses 3D-imaging to determine when elderly residents who live alone fall, and immediately calls an emergency contact if they do.
Some new products for old problems, such as the $800 belt with airbags, may not catch on. But with the number of Americans over 65 expected to double by 2060, the market won’t get any smaller as long as we don’t get any younger.
