Raleigh startup K4Connect has raised $8 million in new funding to expand sales of its innovative Internet-of-Things technology to senior living facilities.
The new funding, announced Monday, was led by Intel Capital, the investment arm of giant semiconductor maker Intel.
“People always talk about smart money,” K4Connect co-founder and CEO Scott Moody said in an interview, referring to Intel and the company’s other new investors. “This is really smart money. ... They are going to make us smarter.”
Founded in late 2013, K4Connect has 25 full-time employees today and expects to add 10 or 15 more by the end of the year, according to Moody.
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The company has developed a software platform that can seamlessly connect numerous devices, regardless of their manufacturer and the wireless technology they use, and control them through a single application.
Its first product, K4Community, enables residents of senior living facilities – known as senior living communities – to remotely manage tasks such as managing their room temperature or turning lights off and on. They can also use it to share photos and have video chats, and to access community activity calendars and announcements and dining menus.
Meanwhile, community staff can use the technology to improve operations and discern trends among residents.
“K4Connect puts the power of technology to work in a way that benefits the lives of older adults and people living with disabilities,” Doug Davis, senior vice president at Intel, said in a prepared statement.
Nearly 20 senior communities have signed contracts for K4Community, and several already have deployed the technology, Moody said.
The company also is developing two additional products: K4HomeCare for professional homecare givers and K4Life for seniors living in their own homes.
K4Connect previously raised $1.9 million from a group of investors that include North Carolina-based home improvement chain Lowe’s. Those investors also participated in the new round of funding.
Moody previously co-founded AuthenTec, which created the fingerprint sensor technology used in Apple iPhones. Apple acquired AuthenTec, which was based in Florida, for $356 million in 2012.