Top-Rated Medication Management solution, Medisafe, Raises $1 Million in Funding to Collaborate with Leading Healthcare Organizations to Deal with Medication Adherence
Mobile Medication Management Solution offers its top-rated mobile application and big data analytics to pharmaceutical companies, pharmacies, HMOs and hospitals, raises $1 Million
HAIFA, Israel — September 1, 2013. Medisafe, the top-rated mobile medication management solution, announced today it has raised $1 million in funding co-led by TriVentures and lool Ventures, alongside with top 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 are being allocated to build partnership programs with pharmaceutical companies, pharmacies, HMOs, employers and hospitals, utilizing Medisafe’s top-rated medication management solution to help patients take their medication routinely and correctly, as well as analyzing user 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.
“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,” said Medisafe CEO, Omri ‘Bob’ Shor. “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.”
Inspired by his diabetic father’s accidental insulin double-dose, Omri ‘Bob’ Shor co-founded Medisafe mid 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 percent of Americans who take more than one medication on a daily basis, only half take their medication as instructed. And of the 50 percent who don’t comply with medication instructions, 30 percent gave the reason, “I simply forgot.” Unlike the industry statistics, Medisafe’s self-reported data show an 86 percent adherence rate, clearly providing significant improvement to the benchmark data.
“Medisafe is making invaluable patient behavior data available to healthcare leaders that have the resources to create programs and solutions that will help increase medication adherence,” said Michal Geva, managing partner in TriVentures. “Having access to real-time adherence data that has been categorized and analyzed is going to change the way our healthcare system approaches the issue of medication management.”
“The convergence of internet, mobile, big-data and health has a huge impact on our everyday lives as well as our society,” said Avichay Nissenbaum, General Partner at lool ventures. “We need more technologies like Medisafe to push this revolution forward. Omri, and the Medisafe team have developed a robust and scalable platform that has proven significant impact, and we are excited to help accelerate their success.”
Yadin Kaufmann, Veritas Ventures Partners co-founder mentioned that “Digital Healthcare is among the fastest growing domains and Medisafe’s team and agenda is well positioned within that arena.”