Tsolife Raises $40m In Series B Funding To Fuel Growth, Ai Evolution

Senior living technology company TSOLife has completed a $40 million Series B funding round led by PeakSpan Capital to fuel the company’s future expansion of its software platform and artificial intelligence (AI) goals.

TSOLife will use the funding to hire 16 additional engineers and product staff to focus on the rollout of the company’s proprietary AI-driven resident experience platform, according to CEO David Sawyer.

The most recent funding round will help TSOLife evolve its platform to help senior living operators meet growing demand for senior living, Sawyer told SHN.

“Our entire goal right now, as we look at the senior living industry, is trying to reshape senior living from being a need-based industry to a wants-based industry, helping our partners bring move-ins for people that want to come for the experience rather than based on acuity or need,” Sawyer said.

Previous funding rounds include a seed funding effort in 2018 and Series A funding in 2022.

The company aims to improve the senior living experience for staff and boost resident engagement, with an AI model trained on 100,000 hours of audio recorded on the ground at senior living communities, Sawyer said.

The TSOLife platform gathers details about residents through interviews, family input or online and helps caregivers and staff build closer connections with residents based on their provided histories and preferences. The platform is similar to a customer relationship management (CRM) platform but it’s focused on resident engagement, tracking participation in activities, well-being and provides updates to staff.

“This funding allows us to spread our wings and tackle more challenges,” Sawyer said. “I think the industry is in a tech renaissance, to be honest, and we’re seeing more capital that’s flowing in.”

In January, technology company SafelyYou locked in $43 million in Series C funding and AI-enabled light company Nobi closed on $37 million in Series B funding. In March, senior living technology company Inspiren secured $35 million in Series A funding.

This “tech renaissance” has led senior living operators to make tough selections in choosing their tech partners to help fuel growth and improve operating models.

A key part of the TSOLife platform is the company’s AI model, Sawyer said, something he believes is a differentiator for the company’s platform as some tech companies have relied on integrating third-party AI models into their operating systems.

“We created our own model based on significant human capital investment to make sure that we have an AI that’s trained for senior living,” Sawyer said. “It’s important that we have developed this model because it will bring consistency and value as opposed to using a large language model that they didn’t train or build out themselves.”

Sawyer added that the company’s AI model has been trained for the last five years and given feedback rather than including a third-party AI model like OpenAI’s ChatGPT large language model (LLM).

While no AI model is 100% accurate, Sawyer said, the company employs a quality control staff of 28 people to review “every single thing” the TSOLife AI model shares to ensure accuracy and consistency in training for staff.

The Series B funding will also allow TSOLife to explore new systems to improve sales and marketing for senior living staff, and additionally invest in creating “AI-generated calendars” for residents for a launch later this year known as “Engagement On Demand.”

Looking ahead, Sawyer said he is very optimistic regarding the industry’s future ability to capture demand, given the rapid adoption of technology and operators that are embracing AI to support their staff and improve their models.

“Companies are making the necessary investment so that when operators take the leap to operationalize something, the tech will be able to deliver,” Sawyer said.

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