Nurse staffing platform IntelyCare has raised more than $110 million in financing as the company looks to increase its footprint in assisted living and long-term care communities across the country.
The company secured a total of $115 million in financing during a Series-C financing round led by Janus Henderson Investors. The funding, which values IntelyCare at $1.1 billion, also includes investments from Longitude Capital, Leeds Illuminate, Endeavour Vision, Revelation Partners, and Kaiser Permanente Ventures.
In a press release on the latest fundraise, IntelyCare CEO David Coppins said the company will use its new investment to “continue redefining the future of work for our nation’s nurses.”
Based in Quincy, Massachusetts, IntelyCare is a gig work app that uses artificial intelligence to match nurses with open shifts in coordination with health care organizations, assisted living, and long-term care senior living communities.
More than 90% of IntelyCare’s client base are skilled nursing providers, long-term care operators and assisted living communities, Chris Sands, CFO of IntelyCare, told Senior Housing News. The company currently has a presence in more than 1,600 senior living, long-term care and health care locations across the country.
IntelyCare will soon launch new products and enter new states to help senior living communities and health care organizations better manage full-time, part-time and float pool staff, while giving access to the platform’s “on-demand” staff database, Sands said.
Many providers within the senior living industry have worked to reduce their use of costly agency staffing to offset labor shortage challenges. IntelyCare’s goal is to help providers save on acquisition and retention expenses while better planning for future staffing expenditures.
Since Series-B in February of 2020, IntelyCare’s annual revenue has grown by more than 850%, the company said.
The company aims to address the complex labor challenges currently facing the health care industry, using advanced data science to allow organizations to meet labor needs while empowering nursing staff to take control of their work schedules.
The influx in funding will also further enhance the platform by offering more employment and professional development opportunities, including continuing education, the company said.
Nurses using IntelyCare’s platform more than doubled in 2021 while client demand for the platform almost tripled from the previous year.