Mobile medication management solution developer Medisafe has raised $1 million in funding. The financing round was co-led by TriVentures and lool Ventures together with serial entrepreneurs and angel investors Eyal Gura, Yadin Kaufmann and Yair Schindel. In addition to the funding, MediSafe is now partnering with healthcare organizations to better manage medication adherence.
The funds will build partnership programs with pharmaceutical companies, pharmacies, HMOs, employers and hospitals, utilizing Medisafe’s medication management solution to help patients take medication routinely and correctly. The investment funds will also be used to analyzeuser self-reported data to better understand how people receive and take their medication. MediSafe’s broad analytics, which anonymously aggregate patients' behaviors, provides healthcare leaders with an inside look into the massive issue of non-adherence to help rectify this global problem.
MediSafe CEO Omri "Bob" Shor said, “This is an exciting milestone for the company. This productive year started in the Microsoft Ventures Accelerator, and then continued with major growth in user adoption and user satisfaction, product enhancements and industry announcements, helping to build a strong foundation for the future. We look forward to continuing the momentum by creating new partnerships, new medication management features, and leveraging our de-identified user’s self-reported data to help resolve an issue that is not only costing the healthcare system billions of dollars, but also putting lives at risk.”
Spurred into action by his diabetic father’s accidental insulin double-dose, Shor co-founded MediSafe, which is based in Haifa, in 2012 as a way to lower hospitalization and mortality rates, promote sustainable behavior changes, decrease long-term healthcare costs and help healthcare leaders understand patients’ barriers to medication compliance. According to the CDC, of the 50% of Americans who take more than one medication on a daily basis, only half take their medication as instructed. Of those who don’t comply with medication instructions, 30% gave the reason, “I simply forgot.” Unlike the industry statistics, Medisafe's self-reported data show an 86% adherence rate, providing significant improvement to the benchmark data.
Published by Globes [online], Israel business news - www.globes-online.com - on September 23, 2013
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