Aifloo raises €5.1 million; accelerates development of AI-based e-health system

Aifloo founders: Felix Etzler, Michael Collaros and Anders Widgren

Aifloo, the Swedish-based company that develops e-health systems based on medical artificial intelligence (AI), today announces the completion of its latest funding round of €5.1 million. The A round was secured from the EQT Ventures fund (“EQT Ventures”) and will allow Aifloo to advance its AI technology that enables elderly members of society to live more independently.

Aifloo was founded in 2015 by Felix Etzler, Michael Collaros and Anders Widgren – who were increasingly aware of the needs of aging family members and friends. To provide people with the support they needed, they set out to create an e-health system that continually learns an individual’s behaviour and is optimised to their needs and conditions.

Combining sensor architecture and AI, Aifloo’s smart wristband understands and analyses behavioural patterns and sends an alert to nursing staff or relatives in the event of deviations. These could include trips or falls, alterations in eating habits and changes in sleep behaviour.

Since the launch, the Aifloo’s team has grown to more than 20 people. One of the company’s customers is Aleris, one of Scandinavia’s leading private healthcare companies.

Michael Collaros, CEO and co-founder of Aifloo, said: “When we set out to create Aifloo, we wanted to improve the quality of life for the elderly and provide peace of mind for relatives and caregivers. Using cutting-edge AI, we’ve developed a system that learns and analyses human behaviours in order to increase people’s safety and help caregivers provide help where it’s needed the most. With the wealth of data available, our service is set to continually improve and evolve. EQT Ventures is the ideal partner to support our growth thanks to the team’s in-depth knowledge of AI, scaling of businesses and the entrepreneurial journey. With this investment and support, we’re looking forward to growing the team and developing our product further.”

Henrik Landgren, Analytics Partner at EQT Ventures, who will be joining the Aifloo Board, said: “EQT Ventures was incredibly impressed by the stellar team of Aifloo and the innovative product that has been developed. By combining vast amounts of data and modern AI technology, Aifloo’s service is having a big impact on people’s lives. As well as having a long history in the IoT and healthcare space, Felix, Michael and Anders truly care about the overall customer experience. We’re looking forward to supporting the company on the next stage of its journey.”

With nearly 20 percent of the population in the western world now over 65 – a proportion that continues to grow – the time to bring healthcare technology and AI together to improve people’s care is now.

Further information, please contact:
Michael Collaros, CEO, 070-845 23 34, michael.collaros@aifloo.com

About Aifloo®
Aifloo is a Swedish innovation company that develops e-health systems based on unique medical artificial intelligence. We improve the lives of elderly people who need care and security with great respect for personal integrity.