AI Startup Waterlily Secures $7M Seed Funding to Predict Long-Term Care Needs

Waterlily, an artificial intelligence startup focused on predicting long-term care needs, has successfully raised $7 million in seed funding. The round, led by John Kim of Brewer Lane Ventures, saw participation from major players including Genworth, Nationwide, and Edward Jones.

Innovative AI-Driven Platform for Long-Term Care Planning

Waterlily's platform leverages personalized data and predictive algorithms to generate custom care plans for individuals. These plans can be analyzed against personal financial data, insurance coverage, and healthcare trends to help families preserve savings throughout the care journey.

The startup's AI-powered solution addresses a critical gap in financial planning tools, which have struggled to keep pace with the increasing complexity and uncertainty surrounding long-term care. By breaking down various financial products into simple terms, Waterlily aims to help families better understand potential costs and returns on investment.

Unprecedented Funding in the Long-Term Care Sector

According to Waterlily's co-founder and CEO, Lily Vittayarukskul, the $7 million seed round is unprecedented for long-term care startups. "This space almost never receives funding," Vittayarukskul told Fierce Healthcare. However, she emphasized the significant market opportunity, given the rapidly aging population and the growing need for long-term care solutions.

The funding will be used to expand Waterlily's platform and scale its customized data-driven solutions. The company has previously raised a $2.2 million pre-seed round, bringing its total funding to $9.2 million.

Addressing a Critical Gap in Financial Security

Waterlily's platform aims to tackle a widespread issue in the United States, where millions of Americans are unprepared for the financial burden of long-term care. Many individuals are unaware that health insurance does not fully cover long-term care expenses, leading to potential financial devastation for families faced with such needs.

John Kim, founding partner of Brewer Lane Ventures, highlighted the importance of Waterlily's mission: "Waterlily is addressing one of the single most critical gaps in financial security and is well-positioned to help millions of families needing better tools to manage the financial challenges of aging."

The startup currently works with financial advisors and insurance carriers or distributors, including clients like Prudential and insurance wholesaler Financial Independence Group. Some consumers may also access the product through Waterlily's organizational partners, which include several Fortune 100 companies.