FSP advises FSE on Service Robotics investment
Penelope Garden (partner, corporate) has advised the Cornwall & Isles of Scilly Investment Fund (CIOSIF), managed by The FSE Group on its £300,000 equity investment into Service Robotics Limited, a health and wellbeing business focusing on supporting the vulnerable and elderly through innovative technology. The funding round also included investment from Britbots and the Enterprise 100 Angel Investment Club.
The £40m Cornwall & Isles of Scilly Investment Fund provides debt and equity finance from £25,000 to £2 million to help growing small businesses across the region. It has been established by the British Business Bank in partnership with the Cornwall and Isles of Scilly Local Enterprise Partnership (LEP).
Service Robotics has created an intelligent companion robot that will assist the elderly via patient-centred interactions. GenieConnect® helps users by providing companionship and support by offering services such as prescription management, medication reminders, daily welfare checks, video calls and music entertainment. Through intuitive AI and a dedicated Customer Care Centre, GenieConnect® can reduce loneliness and helps older people live safely and independently in their own homes. The robot is one of the first of its kind and uses cutting edge software to better the lives of an aging population. Service Robotics launched its first pilot project in Cornwall in August 2019, and won its first contract from the NHS Small Business Research Initiative six months ago, for the way in which it is tackling one of society’s biggest social challenges.
Rob Parkes, CEO of Service Robotics Limited said: “The current outbreak of Covid-19 is teaching us all the importance of staying connected and the increasing need for zero touch virtual care. Genie is on hand to support the most vulnerable people in society, giving their families peace of mind that their elderly relatives are well, safe and happy. Responses have shown that Genie is filling a definite gap in the market where live-in support is not needed but older people cannot live as independently as they once did. This investment will enable us to expand our pilot program and build on our existing relationships with local authorities and stakeholders in the adult care sector.”
Ralph Singleton, Head of Funds, Cornwall at The FSE Group, who manages the CIOSIF commented, “GenieConnect® is both an exciting and desperately needed social care innovation. The mixture of automated applications with connectivity to loved ones and caring professionals will undoubtedly be of benefit to many people in need. The importance of connecting virtually is being proven during this COVID-19 crisis and we are delighted to be supporting a company that is tackling such an important issue. We wish them all the success for the future.”
For more information about GenieConnect®, visit https://www.genieconnect.co.uk