INVESTMENT UPDATE UMPS HEALTH
Sector: Health and Life Sciences.
Breakthrough Victoria is investing $2 million in Victorian company, Umps Health, who is aiming to use sensors and AI to shift from reactive care to proactive care, with the goal of adding one million more healthy years of life by 2030.
THE INVESTMENT
Investment Type | Venture |
Investment Vehicle | Series A Preference Shares |
BV Investment | $2 million |
WHO IS UMPS HEALTH?
Umps Health was founded in 2016 following the founders’ personal experience supporting their older relatives to remain safe, well and independent at home. The Victorian company’s mission is to catalyse the shift from reactive to proactive care, enabling a million more years of healthy living at home by 2030.
Crucially, Umps’ platform is the product of 6 years of research and development into the application of sensors and AI in aged care. During this time, Umps has worked closely with some of the largest aged care providers in Victoria, including Mercy Health, Villa Maria Catholic Homes and Uniting AgeWell to design, develop and validate solutions that can be embedded within the current health and aged care system.
THE PROBLEM
By 2026, more than 22 percent of Australia’s population will be over 65 – up from 16 per cent in 2020. This cohort is by far the largest consumers of healthcare services, and as Australia ages the demand for care services will dramatically increase.
Australia, like many other countries, is already experiencing a shortage in supply. By 2030, there is predicted to be a shortage of more than 100,000 aged care workers in Australia, and over 10 million globally.
A major factor driving this demand is the over 500,000 potentially preventable hospitalisations among older adults each year, which could be avoided with earlier care.
Major health incidents also result in a loss of independence and autonomy and can be a catalyst for someone moving into an aged care home. The recent royal commission into aged care highlights the numerous advantages of aging in place, demonstrating that remaining at home for as long as possible allows older adults to maintain a sense of independence and is associated with many social, emotional, and economic benefits.
THE SOLUTION
Umps's platform, Umps Link, uses non-intrusive sensors and AI to monitor older adults at home, providing real-time health insights to care providers and families. This enables early interventions to prevent major health issues. By delivering proactive care at scale, Umps aims to improve health outcomes, ease the burden on family carers, and increase capacity in the healthcare and aged care systems.
IMPACT FOR VICTORIA
Umps Health’s Head Office is in Carlton, Victoria, where the company undertakes all of its hardware, software and AI research and development. The company has plans to create up to 40 jobs over the next two years, with more than half of these in highly skilled roles across hardware and software development, artificial intelligence, machine learning. Umps is currently expanding its national technical, sales, marketing and operations teams.
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