US-based digital health technology company LiveFreely has acquired Sompo Horizon, a caregiving benefits provider and a subsidiary of insurance company Sompo Holdings.
Through the acquisition, LiveFreely aims to further scale and integrate its circle-of-care products, including its BUDDY application, with Sompo Horizon’s CareGo solution.
BUDDY is designed to provide seniors with an AI-powered personal health assistant.
It provides real-time health monitoring, vitals and code blue alerts, geographic monitoring, and the ability to predict and prevent future falls, a major cause of death among seniors.
Sompo Horizon’s CareGo provides a complete digital platform, concierge support service, and partner network that enhances the decision-making process for caregivers.
The acquisition enables LiveFreely to expand its digital health technology capabilities.
It enables the company to benefit health systems, insurance brokerages, nursing and senior homes, schools, public institutions, individuals, families, and the broader care ecosystem.
LiveFreely CEO and co-founder Arthur Jue said: “With CareGo, we will be able to unify our digital health technology in BUDDY, creating a one-stop, unified, and AI-enabled care experience.
“With today’s acquisition, we’re poised to expand our mandate for digital caregiving to service mental health in schools, expand our footprint around the globe, and continue to build our platform to help seniors and caretakers live more freely.”
LiveFreely CTO and co-founder Daniel Jue said: “Today’s investment will provide us with the necessary means to scale our business and reach the full circle of caregiving, as we look to expand our product suite and our geographic footprint.”
LiveFreely said the acquisition of Sompo Horizon supports its market expansion in Japan, along with other geographies in the Asia-Pacific region.
Also, it allows LiveFreely to scale its technology to meet the demand for mental health-related digital solutions in key market segments, benefitting its predictive AI technology.
LiveFreely’s BUDDY application features advanced predictive health capabilities for seniors.
It enables AI-powered real-time monitoring of deviations in an individual’s wellness patterns through mass-market smart wearables, including Fitbit.
Also, BUDDY notifies when a user’s heart rate rises or drops past certain thresholds through code blue alerts, bolstering preventative care measures for high-risk users.
Sompo Horizon CEO Tetsuya Morito said: “LiveFreely is a proven player in the digital health technology industry, and we could not be more proud to partner with them for this acquisition.
“CareGo was designed to streamline caregiving and with LiveFreely’s BUDDY application, the product suite will further elevate the digital health experience for seniors, caregivers, and the healthcare industry ecosystem.”
