Business
Horizon Technology Finance Provides $30 Million Venture Loan Facility to SafelyYou
FARMINGTON, Conn., May 25, 2023 /PRNewswire/ -- Horizon Technology Finance Corporation (NASDAQ: HRZN) ("Horizon"), a leading specialty finance company that
About this update from Horizon Technology Finance Corporation
[{"type":"text","content":"FARMINGTON, Conn., May 25, 2023 /PRNewswire/ -- Horizon Technology Finance Corporation (NASDAQ: HRZN) (\"Horizon\"), a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and sustainability industries, announced today it has provided a $30 million venture loan facility to SafelyYou, Inc. (\"SafelyYou\"), of which $10 million has been initially funded.\nSafelyYou has developed an innovative remote care platform that combines real-time AI video technology with a 24/7 remote clinical team. Senior living communities that utilize SafelyYou's technology have considerably reduced resident fall rates and significantly lowered emergency room visits, resulting in improved care for residents and reduced costs for senior living operators. SafelyYou is backed by top-tier investors including Eclipse Ventures, Foundation Capital, DCVC, Founders Fund, and Omega Healthcare Investors, Inc. SafelyYou will use the loan proceeds to further its mission of elevating the quality of dementia care and making its innovative care available to more people.\n\"SafelyYou's advanced technology provides senior living communities, residents and their families with an invaluable service that contributes significantly to improving care for those living with Alzheimer's and dementia,\" said Gerald A. Michaud, President of Horizon. \"In addition to quickly detecting falls, SafelyYou enables caregivers to proactively prevent future falls by reviewing clear video of a fall event via a secure web portal. We believe the benefits of this transformative technology will lead to its adoption in assisted living and skilled nursing facilities across the United States. Horizon is pleased to support SafelyYou's plan to grow by making its technology more widely available.\"\n\"We're thrilled to receive Horizon's support as we further our mission to reshape dementia care, supporting those living with Alzheimer's, their families, and the communities that help care for them,\" said George Netscher, founder and CEO of SafelyYou. \"SafelyYou's combination of world-leading AI technology and expert clinical support mean on-site staff not only see and understand how falls happen, they also get insights into how to keep them from happening again. As a...