Infogeni seeks $1m investment
Wellington software company Infogeni is seeking at least $1 million from private investors who see a financial opportunity in improving the co-ordination of aged care.
Infogeni sells an application used by about 25 organisations, including Healthcare New Zealand, Presbyterian Support and iwi, to help manage the provision of services to about 20,000 elderly New Zealanders living at home.
The 10-person company, founded in 2001, claims about 40 per cent of the domestic home care market. Its software can record what services are needed and delivered to the elderly and by whom, and also manage rosters and billing.
"What we are trying to do is apply Kiwi ingenuity" to the aged care crisis, chief executive Mike Sheedy said. "New Zealand and other countries have got this huge problem; people are getting older and how do we look after them more cost-effectively?"
The company will start searching for additional investors in the next few weeks to take its software overseas and add features designed to appeal to retirement-home operators.
Investors could cash in through a possible public listing or trade sale in three to six years.
Infogeni raised $300,000 from friends, family and staff in 2011 and last year appointed former Inland Revenue chief information officer Ross Hughson as chairman.
Governments benefited from helping the elderly stay in their homes as long as possible but that required good services and, therefore, technology, Hughson said.
While technology was not often top of mind among aged-care providers, New Zealand providers were more advanced than many, Sheedy said.
Hughson said Infogeni had got "more than a foothold" in the home care market but the use of technology by retirement-home operators was still relatively immature or fragmented.