Baby boomers, or those between the ages of 58 and 76, are the second-largest generation in the country, according to census data. And as people age, they are often in need of extra help. NYC-based DUOS agrees and has created a solution to do just that.
On Tuesday, the digital health startup announced it raised $15 million in Series A funding from Imaginary Ventures.
The funds will go toward scaling the DUOS technology, which connects elderly users to personal assistants to help fulfill day-to-day tasks. Additional funding will go toward hiring engineers, product managers, operations experts and marketers, along with hiring and training over 100 personal assistants — also known as DUOS — to serve members.
“This investment milestone is significant for DUOS as it allows us to power new technology that will enhance everyday experiences for older adults and their caregivers.” Karl Ulfers, CEO and co-founder of DUOS, said in a statement. “The world is short on people, and this technology will help scale our services to millions of individuals across the country.”
Between having trouble accessing basic necessities like food, housing or transportation, aging generations are increasingly in need of an extra hand that is often lent by family. This, however, to the DUOS team, can put a hindrance on people who are not yet ready to be caregivers. Instead of relying on family, DUOS users can pay a $150 monthly subscription fee to have access to an on-call, local assistant who will do everything from finding a cat sitter to driving the client to appointments.
DUOS’ service and app are available nationwide. In aims to increase accessibility, the startup has partnered with health insurance plans including Magellan Healthcare and Geisinger Health Plan, along with providers in California, Arizona, Nevada, Washington, Oregon and Georgia.
“Imaginary is incredibly excited to partner with the DUOS team to empower aging adults,” Kelly Dill, a partner at Imaginary Ventures, said in a statement. “We have always been hyper-focused on solving consumer problems, and DUOS is working to solve one of the biggest of our generation. We think this consumer-fueled approach creates an exceptional experience tailored to the needs of aging adults.”
