Medisafe, the leading personalized medication management platform with almost three and a half million patient and caregiver registered users announced that it has raised $14.5 million in Series B funding from Octopus Ventures and M Ventures. Other investors participating from previous rounds include Pitango Venture Capital, 7wire ventures, lool Ventures, TriVentures, Qualcomm Ventures and Eyal Gura. The company plans to use the funding to increase sales, marketing and engineering staff and open European office.
Medisafe recently announced a new feature on the app that alerts users of any drug-to-drug interactions (DDIs) that may cause unexpected side effects and/or alter the way the medications perform. The new interactions feature also includes disclosures when medications have other lifestyle implications, such as interactions with specific foods or alcohol. Medisafe’s new drug interaction feature is initially available for iOS users.
MediSafe’s mobile-first approach involves creating personalized interventions to the major causes of non-adherence – forgetfulness, lack of support, emotional distress, information overload, low engagement, and rising medication costs. Through its platform, the company is enabling tighter care coordination between patients, caregivers or “MedFriends,” physicians, and other providers.
The MediSafe platform now includes web and SMS sync via branded solutions with pharmaceutical companies, HMOs, pharmacies, electronic medical/health records companies (EMR, EHR) and more. MediSafe also aggregates anonymous patient behavior data for pharmaceutical and healthcare companies, serving as a bridge between patients and health providers, improving health outcomes while benefiting all stakeholders across the healthcare ecosystem.
“We are excited to welcome Octopus Ventures and M Ventures who believe in and support our mission of improving people’s health, while producing measurable outcomes for our partners across the healthcare continuum, from pharma companies, to insurers and providers. We will use the new capital to hire the best talent, enhance the platform’s capabilities, and achieve our ambitious expansion goals globally,” said Omri Shor, CEO and co-founder of Medisafe.
To date, Medisafe has recorded over 500 million successful medication doses on their iOS and Android smartphones and tablets and contributed 140,000 user reviews that average 4.5 out of 5 stars in the App Store and Google Play app stores.