Ra'anana-based MedAware, which develops big data analytics for the medical prescription market, has completed a $1 million Series A financing round. The investment was led by equity crowdfunding platform OurCrowd with GE Ventures. The proceeds will be used to drive initial sales to healthcare providers, insurance companies and large pharmacy chains.
MedAware has developed an innovative software-based solution that combines the power of big data analytics and machine learning to save lives and reduce medical costs by combatting prescription errors.
MedAware Co-Founder and CEO Gidi Stein said, "Three years ago I came across a tragic case of a nine-year-old Israeli boy who died because his primary-care physician accidentally prescribed the wrong drug. The ease with which a little boy died because of a mistaken click of a button was horrifying to me as a physician and as a parent. We have founded MedAware in order to try and prevent such cases."
Current solutions such as electronic medical records and computerized physician order entry systems search for prescription errors based on manually predefined rules. These systems miss errors that do not fall into their known rules, and also suffer from high false-alarm rates. By contrast, MedAware uses big-data analytics and machine-learning algorithms to automatically learn how different clinical scenarios are managed by physicians in real world situations.
Published by Globes [online], Israel business news - www.globes-online.com - on October 2, 2014
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