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.
About SafelyYou
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.
Forward-Looking Statements
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.
Contacts:
Investor Relations:
ICR
Garrett Edson
ir@horizontechfinance.com
(860) 284-6450
Media Relations:
ICR
Chris Gillick
HorizonPR@icrinc.com
(646) 677-1819
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SOURCE Horizon Technology Finance Corporation