Brain-Health Focussed Age-Tech Startup Ivory Raises $500K USD
Ivory, a pioneering age-tech startup specializing in brain health, has successfully raised 500K USD in a funding round led by early stage VC fund - Capital A. TDV Partners (Ujwal Sutaria) and 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) were among others who also participated in the round. With this funding injection, 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 neuro wellness.
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 neuro health. Ivory is dedicated to confronting this challenge with its innovative platform, which integrates curated content, personalised consultations, and gamified activities aimed at assessing and reducing the risk of dementia.
Speaking about this, Issac John, Co-Founder and CEO, 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 ageing parent. Urban seniors, particularly those living alone, face challenges in monitoring cognitive health, exacerbated by pandemic-induced isolation. 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."
Adding further, Rahul Krishnan, Co-founder and Chief Product Officer, added, "At Ivory, we're developing a pioneering platform dedicated to the cognitive wellness of seniors and cultivating healthy brain habits. We offer 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."
Ankit Kedia, Founder & Lead Investor, Capital A, said "Ivory's proactive stance on cognitive wellness is both commendable and timely. With the age-tech sector serving about 20% of Indians, the demand for engaging and effective wellness solutions is increasing. Ivory's comprehensive mix of content, community activities, and gaming positions it for significant scalability, and we are excited to join them on their journey of growth”
Operating in the age-tech sector, 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.
