DUOS Raises $15M in Series A Funding

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  • DUOS recently announced that they have raised $15 million in Series A funding. Those are the details.

DUOS – a digital health company with a mission to increase the longevity and independence of older adults – recently announced that it has raised $15 million in Series A funding led by Imaginary Ventures, along with the participation from existing investors Forerunner Ventures, Declaration Partners and a new investor Optum Ventures.

The elderly faced a two-pronged crisis:

1.) About 10,000 American adults are turning 65+ every day. And the entire baby boomer generation will be over 65 by 2030, meaning one in five Americans will be of retirement age. Additionally, 51% of seniors have at least one unmet basic social need in areas such as transportation, food or housing. These problems will continue to accelerate as the number of older adults increases.

2.) The number of unpaid family caregivers in the United States grew by nearly 10 million people between 2015 and 2020 to 54 million.

DUOS is a solution to alleviate a significant part of the burden of these carers – who are often part of the “sandwich generation”, caring for both young children and aging parents. And DUOS solves these problems with its unique “aging system”.

The Aging System uses a blend of technology and human touch to connect older adults and their caregivers to a network of service providers to help members with their social needs, care navigation needs, and physical needs. matter of aging – which allows seniors to receive transportation, food delivery, medical appointments and a host of additional services. And DUOS identifies and meets the individual needs of seniors by leveraging Medicare benefits, trusted partners, and local service providers. Each member is also assigned a “duo,” which is a dedicated person responsible for facilitating the system, providing companionship, and ensuring tasks are completed.

The company’s Series A funding will be used to drive technology advancements and hiring to support the company’s aggressive growth plans.

DUOS has already partnered with health insurance plans including Magellan Healthcare, Geisinger Health Plan and other national and regional payers and providers in California, Arizona, Nevada, Washington, Oregon and Georgia. And the company plans to announce additional partnerships in 2022. For its partners, DUOS fills gaps in care, improves targeted HEDIS metrics, and boosts member satisfaction, which is timely since the Centers for Medicare & Medicaid Services (CMS) have recently doubled the impact. Consumer Assessment of Healthcare Providers and Systems (CAHPS) survey results of 2x to 4x in a health plan’s overall star rating, making member experience one of the largest contributors to a health plan’s overall star rating.

As older adults use technology more than ever, especially due to the COVID-19 pandemic, DUOS is building an easy-to-use app that can anticipate members’ needs and connect members’ circle of care. . And the app will streamline communication and task management and tap into an organized marketplace of partners for day-to-day needs. Members will have the option to communicate with their Duo in person, by phone or through the app.

To meet growing demand for DUOS, which is available in all 50 states through its direct-to-consumer offering, a portion of the Series A funding will be dedicated to hiring engineers, product managers, operations experts and marketers who are passionate about helping. elderly and caregivers. And DUOS plans to hire and train more than 100 duos to serve individual members as more partnerships roll out across the United States in 2022.

KEY QUOTES:

“This investment milestone is significant for DUOS as it allows us to power new technology that will improve the daily experiences of older adults and their caregivers. The world is understaffed, and this technology will help expand our services to millions of people across the country. »

— Karl Ulfers, CEO and co-founder of DUOS

“Imaginary is extremely excited to partner with the DUOS team to empower aging adults. We’ve always been hyper-focused on solving consumer problems, and DUOS strives to solve one of the biggest of our generation. The DUOS team brings deep healthcare expertise with a particular focus on the end consumer they serve. We believe this consumer-centric approach creates an exceptional experience tailored to the needs of aging adults. »

—Kelly Dill, Partner, Imaginary Ventures

“Magellan Healthcare is committed to transforming the healthcare experience through high-tech, touch-enabled solutions that complement the human touch Magellan brings to address the healthcare of the whole person – life, mind and body. . Our early work with DUOS shows successful identification and interventions for the needs expressed by older people, and very high levels of satisfaction. This is a very promising tool that supports our work of providing holistic care to people suffering from social isolation. (More information on how DUOS works with its partners here.)

— Caroline Carney, MD, President of Behavioral Health for Magellan Healthcare and Chief Medical Officer of Magellan Health

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