Boston-based social engagement technology company Eversound has announced $5 million in Series A financing. The round was led by Ron Feinstein, former CEO at Lifeline Systems, with participation from Shelter Group, Red Bear Angels and 10X Ventures.
“Eversound is pioneering a new model to reduce social isolation,” said Feinstein, the CEO who led Lifeline Systems to its acquisition by Dutch conglomerate Royal Philips in 2006 for more than $750 million. “They’re offering valuable services that enhance older adults’ lives, and I’m very excited to work with the team as they expand to more locations over the next few years,” he added.
Feinstein will join the Eversound Board of Directors as part of the financing.
The company’s technology, designed to help deliver accessible activities for residents by addressing hearing deficiency in environments where hearing aids fall short, is used in more than 500 senior living communities across the United States. A study of the technology at LCB Senior Living found that 18% few residents fell asleep during programs where it was used, and communities saw a 28% increase in engagement across their group activities. Commonwealth Senior Living saw similar results in its memory care communities, with a reported 20% increase in attendance at wellness programs.
“Every day we learn of more older adults being empowered by our technology,” Eversound co-founder and CEO Jake Reisch said. “Now was the right time to partner with an experienced team of investors to expand our impact to more communities.”
The company expects that the technology will be used in almost 1,000 senior living communities by the end of 2019. Representatives will be attending the Argentum conference and other events.