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United States : GRANDCARE SYSTEMS is raising $2 million in capital fund

February 6, 2014



GrandCare Systems is raising $2 million in capital to fund a ten-fold sales growth this year, according to its new CEO Dan Maynard.

The company developed a cloud-based technology that enables remote monitoring of patients with chronic health problems. GrandCare installed this software on laptop-style computers and ships them from leased space in the basement of the BMO Harris Bank office.

With 20 employees, Maynard predicts employment will grow to 40 in the next year. Currently, its 1,000 units are in use, and Maynard expects that number to reach 10,000 also by next year.

GrandCare's growth will come through new customer relationships in the domestic and international markets.

The company has signed distribution deals with health-insurance United Healthcare and Century Link Home Security Services for the professional home health care market. For consumers, its product will be available through Amazon.com's 50 Plus section.

Each GrandCare system sells for $699 plus a $39 to $79 per month fee. Its biggest foreign market is in the UK, where the software is through the Saga Group.

The capital raise will go to building the company s sales force in the US and hiring a manager of distribution channel relationships.

He is targeting large family investment funds, institutional investors and strategic investors as insurers to raise the capital.


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Source: TendersInfo (India)


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