Toolmaker Stanley Black & Decker has led an $11m series A round for US-based homecare technology producer Pillo Health through its corporate venturing arm, Stanley Ventures.
The round included Samsung Ventures and Hikma Ventures, subsidiaries of electronics producer Samsung and pharmaceutical firm Hikma, as well as care provider Hackensack Meridien Health System’s Innovation Center Fund, BioAdvance and Civilization Ventures.
Pillo has developed a voice-activated robot that can help manage healthcare and medication provision in the home. The cash will support recruitment and technology development.
The company’s technology is powering Pria, a homecare companion set to be commercially launched by Black & Decker later this year. It had previously raised $1.5m in debt financing in April 2017 and $1.5m in equity funding four months later, according to securities filings.
Stanley Ventures vice-president Larry Harper said: “Pillo and Pria represent an important and growing strategic focus for our organisation as we continue to find ways to help seniors age in place at home and enjoy their later years in familiar surroundings.
“The partnership between Pillo Health and Stanley Black & Decker is strong, and together we expect to have a large impact on the senior healthcare market with more innovations on the horizon.”
Photo courtesy of Pillo Health, Inc.
