K4Connect, a US-based developer of technological aids for elderly and disabled users, has raised $12m in a series B round led by Axa Venture Partners, the corporate venturing unit owned by insurance firm Axa.
Intel Capital, the corporate venturing arm of semiconductor maker Intel, also backed the round, as did reinsurance firm Reinsurance Group of America’s RGAx subsidiary, Sierra Ventures, Stonehenge Growth Equity Partners, Revolution Ventures’ Rise of the Rest Seed Fund, Better Ventures and Traverse Venture Partners.
Founded in 2013, K4Connect has created an operating system called Fusion that can power home automation and wellness tracking technologies to aid disabled and older people who may be living with health considerations.
The company’s first service, K4Community, is tailored for supported residential communities and will be followed by products for care agencies and older people living in their own homes.
K4Connect will put the funding into product development as it looks to build new distribution partnerships and expand a user base of more than 13,000 residents. Manish Agarwal, general partner at Axa Venture Partners, will join its board of directors in connection with the round.
Intel Capital led K4Connect’s $8m series A round in October 2016, investing together with RGAx, home improvement retailer Lowe’s, Traverse Venture Partners, Sierra Ventures, Better Ventures and Stonehenge Growth Equity.
The company had received $1.9m in a seed round the previous year that was led by Sierra Ventures and backed by Traverse, Better Ventures and Stonehenge Growth.