Cherish Health, an AI-focused health tech organization, has raised $26 million in funding without the assistance of venture capital. The funds have been procured with the intention of launching a life-changing, radar-based device designed to detect falls, especially benefiting the elderly community.
This tool promises to elevate safety standards and improve response times in elder care facilities and for seniors living independently. Its successful launch is also expected to augment employment opportunities, thereby positioning Cherish Health as a significant player in the healthcare tech arena.
Leading the company’s vision is co-founder and CEO, Sumit Nagpal. Nagpal’s entrepreneurial journey includes striking a successful $3 billion SPAC deal with LumiraDx and merging Wellogic into pharmaceutical giant, Abbott. His leadership thrives on a profound understanding of healthcare technology, gained from years of industry experience.
By raising funds from strategic investors rather than conventional venture capitalists, Nagpal illustrates a fervorous belief in Cherish Health’s potential and shows a desire to maintain significant control over its course.
Cherish Health’s radar technology in elder care
With the support of investors from the cybersecurity sector, the company is expected to integrate advanced security measures into its operations—a welcome move in today’s digital health landscape.
The company’s key offering is Serenity, a non-wearable and discreet device that uses radar technology to detect falls. Unlike traditional fall detection tools, Serenity supports multi-room monitoring and distinguishes between routine movements and falls. Prompt alerts are sent to caregivers or family members, ensuring immediate response to potential accidents.
Remarkably, Nagpal launched Cherish Health during his tenure at Accenture’s digital health division using his own resources instead of venture capital. His efforts resulted in securing $14 million in seed funding through a SAFE agreement, propelling the company to a $30 million valuation. As the company focuses on its next round of funding and furthers its mission to revolutionize fall detection, Cherish Health promises to be the face of innovation in healthcare technology.
