Ivory, an agetech startup specializing in brain health, has raised $500,000 in a funding round led by early-stage VC fund - Capital A. TDV Partners (Ujwal Sutaria).
The round also saw participation from several notable angel investors including Abhishek Kabra (MD, Samara Capital), Tushar Vashisht (Co-Founder and CEO, HealthifyMe), Abhishek Ganguly (Co-Founder and CEO, Agilitas Sports) and Rajeev Singh (VP, SAP India).
Expanding reach to over 15 million Indians
With this round of funding, Ivory aims to expand its reach to over 15 million elderly Indians at risk of dementia, marking a crucial stride in the largely unaddressed domain of neurowellness.
"With this fundraise, our aim is to bridge these gaps by offering a tech-driven platform that makes clinical tools and expertise for better brain health accessible to millions of Indians," said Issac John, Founder & CEO of Ivory.
What does Ivory do?
The prevalence of dementia among individuals aged 55 and above is alarming, with one person in India facing the risk every 20 seconds. Contributing factors such as loneliness and sedentary lifestyles have added more concern.
Since 2020, there's been an alarming year-on-year increase in dementia cases. Latest reports show that cases have increased from an estimated 5.3 million in 2020 to 8.8 million in 2023. Furthermore, adults aged 50-70, even with mild cognitive impairment, face a 1 in 3 chance of progressing to dementia within five years, underscoring the urgent need for heightened dialogue and action in neurohealth, the startup said in a release.
Ivory said it is aimed at confronting this challenge with its innovative platform, which integrates curated content, personalized consultations, and gamified activities aimed at assessing and reducing the risk of dementia.
CEO highlights insufficient attention towards Dementia
Issac John, Co-Founder and CEO of Ivory said, "Historically, there has been insufficient attention and understanding of Dementia, especially in India. The lack of symptom identification tools combined with scant access to high-quality neurological advice at the right time makes this a pressing problem for every Indian household with an aging parent. Urban seniors, particularly those living alone, face challenges in monitoring cognitive health, exacerbated by pandemic-induced isolation."
Rahul Krishnan, Co-founder and Chief Product Officer said, "At Ivory, we're developing a pioneering platform dedicated to the cognitive wellness of seniors and cultivating healthy brain habits."
Krishnan said Ivory offers a diverse range of interactive content, social games, neuroscience-backed assessments, and comprehensive wellness programs aimed at enhancing cognitive well-being and mitigating the risk of brain-related ailments such as dementia.
Ivory customer base
Ivory caters to individuals aged 55 and above, including retirees, with a focus on maintaining and enhancing mental and cognitive abilities. Through skill-enhancing exercises, community-driven engagement, and assessments, Ivory fosters a sense of belonging among its members, serving as a mental fitness centre for the silver economy.
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