QuiO (pronounced kwee-oh), a digital healthcare startup developing sensor-driven smart injection devices and connected cloud-based software for the clinical trial and chronic disease market has raised $1.05 million in seed funding. The round was led by undisclosed investors with expertise in the health insurance, pharmaceutical and clinical research industries.
The company plans to utilize the funding to finish development of its lead SmartinjectorTM device, which leverages a propriety design for accepting all of the most common syringes and delivering even the most sensitive and viscous biologics. Additionally, the company is preparing for pilots and a 510(k) submission.
Medication non-adherence poses significant clinical and economic problems to healthcare systems globally, especially involving chronic disease patients who must self-inject at home. The emergence of the internet of medical things (IoMT) has shown success in addressing the issue, including inhaler sensors, connected pill bottles, and other adherence monitoring devices.
However, patients taking injectable therapies do not have access to such tools today, and average adherence rates can be as low as 50%. Poor adherence to injectable therapies results in over $14 billion in avoidable medical costs and $22 billion in lost pharmaceutical revenue each year in the United States alone.
Competing wireless injection devices require additional hardware and extensive setup and syncing, which may limit their applicability, burden the patient and compromise the data generated. SmartinjectorTM devices are fully connected, enabling real-time wireless data transmission without any patient input, smartphone or syncing required.
“With over 15 million Americans prescribed an injectable therapy today, we see a large and growing need for a comprehensive drug delivery and adherence monitoring solution,” says Alex Dahmani, co-founder and CEO of QuiO in a statement. “Injectable therapies, including biologics and biosimilars, represent the future of medicine, making up nearly half of the pharmaceutical pipeline. These are amazing therapies, and our technology is designed to help them reach their full potential. We may even help move cancer therapies out of the clinic, enabling patients to safely treat themselves at home.”