Horizon Technology Finance Provides $30 Million Venture Loan Facility to SafelyYou
FARMINGTON, Conn., May 25, 2023 /PRNewswire/ — Horizon Technology Finance Corporation (NASDAQ: HRZN) (“Horizon”), a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and sustainability industries, announced today it has provided a $30 million venture loan facility to SafelyYou, Inc. (“SafelyYou”), of which $10 million has been initially funded.
SafelyYou has developed an innovative remote care platform that combines real-time AI video technology with a 24/7 remote clinical team. Senior living communities that utilize SafelyYou’s technology have considerably reduced resident fall rates and significantly lowered emergency room visits, resulting in improved care for residents and reduced costs for senior living operators. SafelyYou is backed by top-tier investors including Eclipse Ventures, Foundation Capital, DCVC, Founders Fund, and Omega Healthcare Investors, Inc. SafelyYou will use the loan proceeds to further its mission of elevating the quality of dementia care and making its innovative care available to more people.
“SafelyYou’s advanced technology provides senior living communities, residents and their families with an invaluable service that contributes significantly to improving care for those living with Alzheimer’s and dementia,” said Gerald A. Michaud, President of Horizon. “In addition to quickly detecting falls, SafelyYou enables caregivers to proactively prevent future falls by reviewing clear video of a fall event via a secure web portal. We believe the benefits of this transformative technology will lead to its adoption in assisted living and skilled nursing facilities across the United States. Horizon is pleased to support SafelyYou’s plan to grow by making its technology more widely available.”
“We’re thrilled to receive Horizon’s support as we further our mission to reshape dementia care, supporting those living with Alzheimer’s, their families, and the communities that help care for them,” said George Netscher, founder and CEO of SafelyYou. “SafelyYou’s combination of world-leading AI technology and expert clinical support mean on-site staff not only see and understand how falls happen, they also get insights into how to keep them from happening again. As a result, communities are able to provide a level of person-centered care never before possible. The support from Horizon means that higher-quality care will reach a higher number of residents.”
About Horizon Technology Finance
Horizon Technology Finance Corporation (NASDAQ: HRZN) is a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and sustainability industries. The investment objective of Horizon is to maximize its investment portfolio’s return by generating current income from the debt investments it makes and capital appreciation from the warrants it receives when making such debt investments. Horizon is headquartered in Farmington, Connecticut, with a regional office in Pleasanton, California, and investment professionals located in Austin, Texas, Chicago, Illinois, Reston, Virginia and Portland, Maine. To learn more, please visit www.horizontechfinance.com.
Originating in 2015 as the doctoral research of CEO George Netscher—and inspired by his own family’s experience with Alzheimer’s disease—SafelyYou was spun out of UC Berkeley’s Artificial Intelligence Research Lab, one of the top five AI research groups in the world. The company’s passionate mission is to empower safer, more person-centered dementia care through world-leading, real-time AI video technology and 24/7 remote clinical experts. SafelyYou is used by skilled nursing facilities and assisted living communities all across North America—from the largest national organizations to regional and local ones, too. SafelyYou is one of five most innovative fall technologies referenced in the Senate Falls Report (2019).
SafelyYou gives a voice to those living with Alzheimer’s and other forms of dementia. Its AI-enabled cameras see critical care moments in real-time via sophisticated artificial intelligence. SafelyYou’s remote clinical experts enable a level of predictive, person-centered dementia care that solves a critical problem across senior care by reducing falls and fall-related ER. For more on SafelyYou, visit www.safely-you.com.
Statements included herein may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in the Company’s filings with the Securities and Exchange Commission. Horizon undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
SOURCE Horizon Technology Finance Corporation
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