Circadacare has raised investment to launch its remote-monitoring solution, Heleos, for the independent living care market in Q1 2024.
Circadian Lighting Limited, trading as Circadacare, announces its £1.3 million raise today in an investment round led by the North East Innovation Fund, supported by the European Regional Development Fund and managed by Northstar Ventures, alongside angels, with additional grants of £358,000 provided by Innovate UK through the Healthy Ageing Innovate UK (HAIA) grant and £80,000 Longitude Prize on Dementia for its ground-breaking technology.
Circadacare positively transforms the lives of the elderly living alone. The Company has developed Heleos, a remote-monitoring solution for the independent living care market. Circadacare’s light technology is proven to support sleep and alertness, which can result in reduced falls, improved cognition and engagement, and alleviate ‘sundowning’. Circadacare offers families and caregivers peace of mind, ensuring that their loved ones receive gentle, non-invasive care that helps synchronise their circadian rhythms while promptly notifying care providers of any notable lifestyle changes.
Currently there are over 7.2m people over the age of 75 in the UK, with 2.4m of those living alone in their own homes. By 2030, the number of people over the age of 65 in the UK will rise by 33%. Circadacare aims to help support the care sector, namely Local Authorities, to become tech enabled and keep informed on service users who may or may not need hands on support from care professionals.
James Theobald, Founder of Circadacare, said: ‘We appreciate this vote of confidence from our investors and Innovate UK. This funding and award will help us to continue our mission of helping individuals live independently for longer. By harnessing the combined potential of circadian light technology and advanced AI monitoring we can deliver top-tier independent living solutions.’
Richard Charnley, Investment Director at Northstar Ventures, said: ‘We are proud to invest in an organisation such as Circadacare who provide a healthy ageing solution to help people live independently for longer. Their technology has the potential to massively reduce people’s reliance on health care providers and give peace of mind to families and caregivers. We fully support Circadacare’s expansion and believe they will grow from strength to strength.’
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About Northstar Ventures
Northstar Ventures is a venture capital and social investment firm based in the North East. We provide funding for innovative, scalable businesses and high impact social enterprises. We’ve been supporting entrepreneurs since 2004, seeking out strong teams with great ideas that will drive high growth, scalable businesses, and sustainable charities. As the North East’s leading early stage investor, we have invested over £100m into start-ups, early stage businesses and high impact social enterprises. Our investment managers have a wealth of experience supporting new and growing businesses and bring commercial and operational experience, PhDs and MBAs, international careers and even a micro-business or two.
About The North East Fund
The North East Fund is a suite of five venture capital and loan funds which was established in April 2018, to invest £130m in around 600 North East businesses in the period to December 2023. The fund managers provide business development advice and investment finance to small and medium sized enterprises based in the seven Local Authority areas of North East England: Northumberland, North Tyneside, Newcastle, South Tyneside, Gateshead Sunderland and County Durham. The programme encourages investment in and the commercialisation of new technologies, including low carbon technologies, as well as stimulating new business creation, private investment and entrepreneurialism in the North East, with a view to creating over 2,500 new jobs. The North East Fund has overall responsibility for the programme, which is delivered through five separate funds, each managed by independent, FCA regulated fund managers. Details of these, and up to date information on the progress of the programme, is available on The North East Fund’s website: www.northeastfund.org.
The North East Fund has been established with funding from the North East of England European Regional Development Fund programme, the European Investment Bank and from returns on previous North East based, publicly supported investment funds. It is jointly owned by the seven North East local authorities.
About the European Regional Development Fund
The North East Fund will receive up to £66,500,000 of funding from the England European Regional Development Fund as part of the European Structural and Investment Funds Growth Programme 2014-2020. The Department for Levelling Up, Housing and Communities is the Managing Authority for European Regional Development Fund. Established by the European Union, the European Regional Development Fund helps local areas stimulate their economic development by investing in projects which will support innovation, businesses, create jobs and local community regenerations.
For more information visit: https://www.gov.uk/european-growth-funding
About the European Investment Bank
The European Investment Bank (EIB) will lend up to £60,000,000 to the North East Fund programme. The European Investment Bank is the long-term lending institution of the European Union owned by its Member States. It makes long-term finance available for sound investment in order to contribute towards EU policy goals.
For more information, visit: http://www.eib.org/about/index.htm