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GenieConnect funding oversubscribed

  • By Neil Martin
  • News

GenieConnect, a robot companion service from Service Robotics, is currently oversubscribed in its funding exercise on Crowdcube. At the time of writing it had raised 138% (£166,360) from 84 investors of the initial target of £120,000 with 24 days to go. Equity on offer is 9.16% and the pre-money valuation is £1.65m.

GenieConnect is an intelligent, personalised, robot companion service supporting extended independent living with companionship and memory stimulation software for older adults.

In the blurb accompanying the pitch on Crowdcube, the team at GenieConnect explains: “We live in an ageing society, where the needs of the older adults of the UK are increasingly unmet by our health & care systems. GenieConnect strives to be an intelligent, personalised, robot companion service that supports extended independent living for older adults. We are looking to offer GenieConnect to users at an affordable all-inclusive monthly subscription & is completely voice enabled.

“The prospective features of the Genie robot include an interactive companion, offering reminders, video calling to family & friends and smart home management, as well as monitoring of the user environment remotely by family and a real-time video support function that connects the user to a dedicated 24×7 Care Centre. The friendly service agent, with their knowledge of the user’s likes & dislikes, routines & needs, will answer their queries.

“We will integrate GenieConnect with RemindMeCare, a partner software solution that promotes cognitive retention with memory stimulation. Once loaded with the user’s brief life story, Genie’s AI engine will offer reminiscence with family photos and videos, nostalgic articles, music and news.

The GenieConnect solution will be piloted with 150 users from Q1 2019, with the goal of a commercial launch in late-2019. The company’s ambition is to achieve 40,000 subscribers within three years, representing just 1.1% of the number of over 65s who live alone.

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