Healthcare technology company AdhereTech has closed $1.75 million in Series A financing. The round was led by undisclosed investors with a focus on healthcare.
AdhereTech (AdhereTech.com), a healthcare technology company that makes patented smart pill bottles to improve medication adherence and patient engagement, today announced its initial closing of $1.75 million in Series A financing. The round was led by undisclosed investors with a focus in healthcare. AdhereTech will use the investment to scale its service and meet the ever-growing demand for its innovative adherence solution.
“We’ve already received tremendous interest from pharmaceutical companies, contract research organizations, and research institutions. This affirms our view that there’s a large unmet need for this technology,” says AdhereTech CEO, Josh Stein. “To accommodate this growing demand, we are scaling up. A sizable percentage of our Series A funding will go toward designing and building our Generation 2 smart pill bottles. The functionality and technology will remain very similar to our Gen 1 bottles, but the Gen 2 bottles will be smaller, cheaper, and easier to mass manufacture – with some additional enhancements, too.”
AdhereTech’s patented intelligent pill bottles are built with cellular technology and numerous sensors. The devices automatically send adherence data to AdhereTech’s servers, where analysis occurs in real-time. If a dose is missed, AdhereTech’s system immediately reminds the patient via automated phone call or text message – as well as on-bottle lights and chimes. If the system notices prolonged non-adherence, it can solicit feedback from patients via text or phone call to immediately understand the reasons for non-adherence, and intervene accordingly. AdhereTech is the ideal adherence solution for specialty medications, clinical trials, and areas where adherence is absolutely crucial.
Last year, AdhereTech began a pilot with The Walter Reed National Military Medical Center to test its connected pill bottles with patients receiving study medications from the hospital’s investigational pharmacy. Sara Salkind, the project coordinator for this study, is extremely pleased with AdhereTech’s innovative solution. “The wireless pill bottles are working very well for our patients, and Walter Reed is actively exploring more opportunities to partner with AdhereTech,” she said. Starting this summer and continuing throughout the year, AdhereTech will begin engagements with two top pharmaceutical companies, a leading PBM’s mail order pharmacy, and world-renowned research institutions.
AdhereTech is taking a unique approach to the issue of medication adherence. The hurdle with other adherence tools is that they require non-adherent patients, who already have issues managing their health, to set-up and learn complex technologies. AdhereTech, on the other hand, is the first adherence tool that does not require the patient to do or learn anything. AdhereTech’s bottles are used just like normal pill bottles, and they require no set up. All data is collected and analyzed passively, and the system works equally well for patients with landlines, cell phones, or smart phones.
About AdhereTech: Based in New York, NY, AdhereTech (AdhereTech.com) is a healthcare technology company that makes patented smart pill bottles to improve medication adherence and patient engagement. The company’s innovative solution is easier to set up, use, and distribute than any other adherence tool ever created. AdhereTech is a member of the StartUp Health and GE Entrepreneurship Program, and the company is a graduate of the Blueprint Health accelerator.Get your FREE trial or subscribe now to Buyouts to find new deal opportunities, super-charge your fundraising efforts and track top managers.