A new health IT startup focused on patient safety and real-time medication surveillance through advanced machine learning, MedAware, announced today that they have secured Series A funding. As a provider of algorithm-rich solutions for the detection and elimination of prescription errors, MedAware raised $8 million in Series A funding with participating investors including BD (Becton, Dickinson and Company), Gefen Capital, OurCrowd and Yingcheng City Fubon Technology Co. In addition, MedAware has received grants bringing the company’s total funding raised to date to $12 million.
While there are a number of prescription monitoring offerings on the market today, current rules-based systems are limited in that they still require manually curating and optimizing the solution in order to reduce alert burden, minimize false alarms, and increase clinical relevance. Only MedAware uses algorithm rich solutions to identify prescriptions that are outliers to the profile of the patient, physician, or institution, and flag them as potential errors in real time. The capital will be used to advance the company’s unique approach to identifying the most consequential medication mistakes and preventable errors that affects over seven million people in the U.S. alone each year.
“MedAware was purpose built around our commitment to patient safety,” said Gidi Stein, CEO of MedAware. “Every catastrophic error we identify is a patient saved. Through this round of Series A funding we will be able to build on the successes we’ve achieved to date and scale our approach to protect physicians and their patients all over the world.”
The company has already demonstrated considerable success in the United States over the past year, opening its new North American headquarters in Stamford, Connecticut and earning validation for its solution from a recent Harvard Medical School research study. MedAware has also generated positive results from a live implementation at The Sheba Medical Center at Tel Hashomer, a 2,000-bed university-affiliated tertiary referral hospital in Israel. In addition, the company has numerous EMR integrations already underway.