After receiving a $500,000 grant from WA Country Health Services, Perth-based aged care technology company InteliCare is now aiming to raise a capital of $5 million from private investors to scale up.

Aware of the ageing baby boomer population and the burden it will place on government services, InteliCare is aiming to help keep seniors at home for longer and reduce the pressure on public aged care facilities. InteliCare’s SaaS smart home monitoring solution offers peace of mind to seniors living at home and their families.

While there are other competitors in the smart home monitoring market, InteliCare’s growth potential comes from its advanced analytics and in-house R&D. This makes the product scalable for consumers and aged care facilities.

Speaking with Stockhead, Founder and CEO Mike Tappenden discusses the allocation of their capital raise.

“We’ve allocated some capital to ongoing product R&D and data analytics so that what we’ve built it’s future proof from the perspective of — say Apple releases an improvement to its Apple Watch, we’ll can just add that as part of our service,”

Mike Tappen

Tappenden also mentioned a significant chunk of capital will go towards boosting inventory levels as sales start to grow.

“As we sell more units we’ll need more stock, and a large chunk of that money is allocated to ensuring we have appropriate capital to purchase stock in advance of the orders,”

Mike Tappen

Read the full article for details on InteliCare’s expansion plans.