Redstar Ventures Launches Health Technology Company Kinto to Address Growing Needs of 40 Million Family Caregivers
MOUNTAIN VIEW, CA–(Marketwired – Apr 11, 2017) – In conjunction with the sixth annual AARP Innovation@50+ LivePitch event taking place here this week, Redstar Ventures, a Boston-based venture foundry, today announced it is launching its newest startup, Kinto. The company was selected as one of 10 Health Technology Finalists to be showcased on April 12 -13, 2017 at the Computer History Museum.
“We believe that the most significant opportunity to support our aging population lies with the family caregivers of the elderly,” offered Jeet Singh, CEO of Kinto. “With more than 40 million unpaid caregivers taking care of 50 million people over the age of 65, providing technology products and services for this group is the only way to address the problem.”
In addition, the concerns and challenges of family caregiving are also financial. According to a report conducted by AARP Research titled, Family Caregiving and Out-of-Pocket Costs: 2016 Report, caregivers are spending nearly 20 percent of their income on caregiving activities. Conservative estimates show roughly $7,000 per year and that amount increases to $11,923 if a caregiver lives more than an hour away.
Kinto was founded to address the growing needs of the caregiving market, estimated by AARP to reach $72 billion by 2020. The Kinto app offers caregivers practical advice, a supportive community, easy-to-use digital tools, care team collaboration, medication management, and a way to track check-in data that can be shared with doctors and other family members. The company will be opening a public beta beginning in mid-April. For more information about participating in Kinto’s public beta program, please visit www.kinto.care. The Kinto app is available for both iOS and Android devices and can be downloaded from the App Store and Google Play.
Company founders Jeet Singh, CEO, and Joe Chung, CTO, are serial entrepreneurs, having founded and led the growth of ATG from a two-person consultancy to a publicly-traded, global enterprise software company with over 1,200 employees and annual revenues exceeding $160 million. The company was later purchased by Oracle. Singh and Chung also co-founded Redstar Ventures as a start-up foundry that identifies significant trends and emerging markets, then develops products and services to support those opportunities with staff, partnerships and investment. Other firms founded by Singh and Chung include social marketing firm Loopit (acquired by Nanigans, Inc.), retail intelligence firm ThirdChannel, Inc., and educational programs and products firm Winterline Global Education.
The Innovation@50+ LivePitch event is the only one of its kind, bringing together innovative startups pitching before expert judges along with their actual intended end users, consumers whose feedback will be gathered and shared in real-time. This event also provides an audience of 100+ actual intended end-user consumers who will listen to the pitches and share feedback in real time, providing companies like Kinto with invaluable market data on the spot. For members of the media interested in attending this event, please register at: http://innovation50plus.org/registration/.
AARP is a nonprofit, nonpartisan organization, with a membership of nearly 38 million, that helps people turn their goals and dreams into real possibilities, strengthen communities and fights for the issues that matter most to families such as healthcare, employment and income security, retirement planning, affordable utilities and protection from financial abuse. We advocate for individuals in the marketplace by selecting products and services of high quality and value to carry the AARP name as well as help our members obtain discounts on a wide range of products, travel and services. A trusted source for lifestyle tips, news and educational information, AARP produces AARP The Magazine, the world’s largest circulation magazine; AARP Bulletin; www.aarp.org; AARP TV & Radio; AARP Books; and AARP en Español, a Spanish-language website addressing the interests and needs of Hispanics. AARP does not endorse candidates for public office or make contributions to political campaigns or candidates. The AARP Foundation is an affiliated charity that provides security, protection, and empowerment to older persons in need with support from thousands of volunteers, donors, and sponsors. AARP has staffed offices in all 50 states, the District of Columbia, Puerto Rico, and U.S. Virgin Islands. Learn more at www.aarp.org.
Kinto is a healthcare technology company based in Cambridge, Massachusetts. The company was formed through Redstar Ventures, a Boston-based venture foundry that identifies significant trends and emerging markets, then develops products and services to support those opportunities with staff, partnerships and investment. Caregivers using Kinto are given the support they need through a set of useful digital tools and access to a community of like-minded people. For more information, please visit www.kinto.care.