Navigating Long-Term Care with AI: How Waterlily is Changing the Game

The Overlooked Challenge of Long-Term Care

Most people don’t consider long-term care until they are forced to, often when it is too late to plan effectively. This issue is personal to many, including myself—I witnessed firsthand how difficult it was for my oldest brother and mother to access quality care during their illnesses. Even for those fortunate enough to have insurance, the costs can be staggering. So when I learned about a startup leveraging artificial intelligence to help individuals and families navigate long-term care planning, I was immediately intrigued.

A Personal Journey Inspires Innovation

In late 2021, Lily Vittayarukskul founded Waterlily after her family suffered a financial crisis while supporting her aunt, who had been diagnosed with terminal colon cancer. Witnessing the financial strain firsthand, she developed Waterlily to help families predict their future long-term care needs and associated costs using artificial intelligence. The platform also provides guidance on building a comprehensive care plan and identifying appropriate financial strategies to cover expenses.

From Investor to Co-Founder

Vittayarukskul originally launched Waterlily as a solo founder. However, everything changed when Evan Ehrenberg, a small angel investor, took an interest in the company. Ehrenberg, who had previously founded and sold Clara Health, contributed to early research and was struck by the overwhelming industry response.

After testing the platform himself, he was surprised by his own long-term care predictions. The insights prompted him to make significant lifestyle changes, including hiring a personal trainer, adjusting his diet, and reworking his financial plans. This eye-opening experience led him to take an even deeper interest in Waterlily, and by 2022, Ehrenberg—who holds the distinction of being MIT’s youngest neuroscience Ph.D.—officially joined as a co-founder.

Financial Developments in the Industry

While Waterlily is making strides in AI-driven long-term care planning, several other fintech and mobility startups are also making headlines:

• Moove, a mobility fintech backed by Uber, has acquired Brazilian urban mobility provider Kovi. Co-founder and co-CEO Ladi Delano noted that the deal has propelled Moove’s annual revenue to $275 million, a significant jump from its reported $115 million ARR in March 2023 (TechCrunch).
• Formance, a fintech company offering modular financial platforms akin to AWS, recently secured $21 million in funding, co-led by PayPal Ventures and Portage.
• French embedded banking startup Swan has raised €42 million (approximately $44 million USD) as part of its ongoing Series B funding round.
• Cedar Money, a cross-border payment platform leveraging stablecoins, has closed $9.9 million in seed funding led by QED Investors, launching operations in Nigeria earlier this year.
• Guinea-based fintech Cauridor secured $3.5 million in seed funding to enhance its payment infrastructure, facilitating smoother transactions between merchants, banks, telecom operators, and money transfer companies across Africa.

Regulatory and Industry Shifts

Beyond funding news, key regulatory and corporate shifts continue to shape the fintech space:

• The Consumer Financial Protection Bureau (CFPB) fined U.K.-based remittance company Wise nearly $2 million for a series of alleged legal violations.
• Fintech startup Cushion, which positioned itself as the “Plaid for buy now, pay later (BNPL),” has shut down. CEO Paul Kesserwani cited the company’s inability to scale as the reason behind the closure.
• Elon Musk’s X has partnered with Visa to handle transactions for its upcoming X Money payment platform.
• French health insurance company Alan, which boasts 700,000 customers, continues to expand its digital health services despite being considered a mature company.
• Serial entrepreneur and former recording artist Victor D. Lombard, also known as DIVINE, has launched a new fintech company for musicians in partnership with hip-hop legend RAKIM.

The Future of AI in Long-Term Care

With the rise of AI-driven financial and healthcare solutions, Waterlily is at the forefront of an industry shift that could make long-term care planning more accessible, efficient, and cost-effective. By leveraging technology, families can prepare for the future with greater confidence and financial security.

Author: Din Kumar