Not-for-profit health fund HCF has invested $1 million into aged care tech start-up Curo Technologies.

Founded by brothers Matt and Tim McDougall, the Melbourne-based company uses sensor technology to monitor the wellbeing of elderly residents in their own home or in an assisted living environment.

Activity data is collected, analysed and reported on mobile devices to care providers and family members in real-time, with the aim being to help elderly people live independently for longer.

The company has established operations in the US residential aged-care market and is running a number of pilots in Australia.

According to Sheena Jack, Chief Strategy Officer at HCF, the $1 million investment will help Curo bring its technology to the wider Australian market place. She said Curo is a great example of technological innovation in the wellbeing space, adding “We are delighted to be investing in Curo, which we believe can make a real difference to the lives of Australians – we look forward to watching them grow.”

Curo co-founder Tim McDougall said HCF’s investment enables the start-up to continue supporting its growing client base both here in Australia and the US, whilst also ensuring it remains a functionally leading technology in the senior wellbeing space.

Curo was one of nine businesses to graduate from the 2016 HCF Catalyst programme. HCF Catalyst is a health technology accelerator and is an annual programme, offering Australian start-ups and growing companies the opportunity to develop and accelerate their businesses, and make a lasting impact in the healthcare industry. Applications for the next round of HCF Catalyst will open later this year.