HealthBeacon, a medication adherence technology company based in Dublin receives investment from international strategic partners, SGInnovate and Manatt.
(Dublin, Ireland; Singapore, – September 18th, 2019) Dublin and Boston based digital health company, HealthBeacon announces that SGInnovate (Singapore) and Manatt (USA) have become strategic investors in HealthBeacon as part of the final completion of the Series A fundraising announced in January. The total Series A fundraising was $12M bringing the total funding into the company of $15M.
Jim Joyce, Co-Founder, and CEO of HealthBeacon said, “We are delighted to have SGInnovate and Manatt on board as investors and strategic partners will assist us significantly as we bring our medical adherence technology to patients in the Asian and USA markets.”
HealthBeacon continues its expansion plan into the Asian Market. Hsien-Hui Tong, SGInnovate’s Head of Venture Investing said, “Medical non-adherence places a significant burden on healthcare systems. HealthBeacon’s use of Smart Tools to tackle this global challenge resonates well with SGInnovate’s belief in investing in best-in-class Deep Tech tackling difficult problems faced around the world. The team has shown a proven track record in improving care for patients with chronic medical conditions in Europe, the US, and Canada. SGInnovate is proud to join in as a strategic investor to help with the company’s expansion into Asia. This also marks our first healthcare investment together with Enterprise Ireland. We look forward to supporting more promising Deep Tech startups globally.”
Hsien-Hui Tong of SGInnovate. Image: SGInnovate
Lisa Suennen, Leader of Manatt said, “HealthBeacon has a proven team that is tackling a challenging and unaddressed problem in a new way. Their solution is one that both helps patients directly and improves caregivers ability to help them manage difficult conditions. We are excited to support the company and watch it grow.”
Manatt leader Lisa Suennen. Image: Manatt
The addressable market for injectable medications has reached nearly $50 billion. As of today, HealthBeacon operates in 13 markets and has tracked more than 300,000 home-based injections making it one of the largest global deployments of a medical adherence device. Today HealthBeacon employs over 40 people and plans to continue its growth over the next 18 months.
The smart sharps bin system by HealthBeacon has made it easier for patients, using injectable medications, to stay on track with their treatment schedule. This has resulted in improved patient medication adherence and driving patient care.
SGInnovate is a private limited company wholly owned by the Singapore Government. With the support of our partners and co-investors, we back deeply technical founders through equity-based investments, access to talent, and support in building customer traction. Our efforts are prioritised around transformational technologies such as Artificial Intelligence, Quantum Tech, and MedTech, which represent impactful and scalable answers to global challenges.
Manatt is an integrated professional services firm that provides strategic consulting and legal support to large and small companies. Manatt has transformed from one of the top law firms to an industry-leading, integrated professional services firm that combines its legal capabilities with deep strategic, analytics and public policy capabilities through Manatt Health and its digital and technology businesses. Manatt Health’s interdisciplinary teams are known for engaging in leading-edge thought leadership, often working with the major healthcare foundations to develop new thinking on complex healthcare issues.
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