Hera has raised $27 million in Series A funding to grow its senior care platform and expand into more states.
Bain Capital Ventures led the round, with continued backing from Accel and IA Ventures. Angel investors also joined the round, including the CFO of Mount Sinai.
Hera works with aging adults and their families through senior care experts supported by human-centric AI. The company is trying to make ongoing care coordination easier for families who have to manage senior care needs over time.
Since launching a year ago, Hera has brought care coordination to aging adults in more than 1,000 families. The company also reported 95% retention, which shows that families are continuing to use the service after joining.
The new funding will go toward building Hera’s AI platform and expanding the service into California, Florida, Maryland, Pennsylvania, and Massachusetts. Hera said it plans to go live in more than 25 states by the end of the year.
Hera is creating a new profession of senior care experts called Heroes, typically nurses and licensed social workers with deep geriatric experience. They manage the non-clinical but essential work of caring for an older adult. Hera works closely with referring physicians at major healthcare systems including Weill Cornell, NYU Langone, Mount Sinai, USC, and UCSF supporting patients once they leave the clinical setting. Eligible Original Medicare beneficiaries and their families access Hera’s services at no out-of-pocket cost.
“I watched my aunt—the alpha daughter of our family—break down managing the care for my grandmother with dementia,” said Jenny Lee, co-founder and CEO of Hera. “This problem hasn’t gone unsolved because of a lack of demand, but because critical caregiving knowledge lives in scattered human experience. While most AI companies are building for the Fortune 500, we’re using frontier technology to bring that expertise to everyday families.”
Digital health companies have secured more than $180 billion in funding to date, according to our recent Funding Database. More recently, Connie Health, a provider of an AI-powered Medicare navigation platform, secured $40 million in Series B financing, bringing its total funding to date to $85 million.
In another deal, Memoir Inc., dba Chapter, an online Medicare navigation platform that helps older Americans choose the right Medicare plans, raised $100 million in Series E funding.