Caisse invests in Canadian home care tech company

The Caisse de dépôt et placement du Québec, together with iNovia Capital, is investing US$37 million in home care technology provider AlayaCare.

AlayaCare provides a cloud-based platform for back-office, client and family portals, remote patient monitoring, telehealth services and mobile care worker functionality.

The investment is intended to help the company continue its merger and acquisitions strategy. Last week, AlayaCare also announced it’s acquiring Procura, a division of Complia Health, in its largest acquisition to date.

Read: Caisse participating in financing round for Quebec payment-tech provider

“CDPQ strongly believes in AlayaCare’s vision of how cloud software, virtual care and [artificial intelligence] will transform the delivery of home health care,” said Charles Émond, executive vice-president for Quebec, private equity and strategic planning, at the Caisse, in a news release. “When we joined the series C investment round last summer it was with the intention of backing the company while it built a leading global platform, and we are thrilled to watch the AlayaCare team accelerate that vision with moves like this one.”

This round of funding also includes participation from Desjardins Innovatech, Innovexport and Investissement Québec.

Read: Caisse investing in Quebec-owned hotel chain