Dublin based med tech company, HealthBeacon, this morning announced the company is embarking on a new round of investment funding seeking €5m before 2018 year end.

The announcement was made at “Investing in Digital Health” a major private investor event hosted by the digital health company earlier this morning. The breakfast event in Royal College of Physicians gathered authorities from medical tech, med entrepreneurs, investment trailblazers and medical experts from all over Ireland.

A keynote presentation regarding “Emerging Trends and impact of Digital and Connected Heath” was delivered by Chandana Fitzgerald, Medical Lead, HealthXL.

HealthBeacon designed “Investing in Digital Health” to bring together some of the most forward thinking technology and healthcare minds to discuss the growth and opportunity for investing in digital health around the panel discussion on ‘Emerging trends and impact of connected health’ – from a Global Perspective.

‘We believe that investing in Digital Health not only substantially improves patient outcomes and delivers a return for national health systems, it creates new employment and investor returns also. Ireland is building on its reputation in the Life Sciences and Medtech arenas by now producing quality Digital Health companies such as Health Beacon that are capable of competing Internationally. We see this as a major area of interest going forward.’ Liam Kiely of Cantor Fitzgerald

Event panellists, led by Mike Ryan, Founding Director of Irrus Investments as panel moderator included Jim Joyce CEO HealthBeacon, Conor Hanley, CEO, Fire1 and Rosanne Longmore, CEO Coroflo who were recently awarded €250,000 from Enterprise Ireland and successfully raised €900,000 within its first six months.

“We are excited to announce HealthBeacon’s next investment phase, as we continue to move towards global connection of healthcare through assisting in clever patient medication management and revolutionizing medication adherence.   Our technology provides powerful insights for medics by providing real world patient data.  Jim Joyce, CEO, HealthBeacon

To date HealthBeacon has raised over €3m with current investors including Elkstone Partners and Oyster Capital.

HealthBeacon were recently awarded ‘Pharma Project of the Year – Large’ at the Pharma Industry Awards 2017.  HealthBeacon announced the creation of 20 new jobs for the Dublin based digital health earlier this year.

The “Smart Sharps System” helps patients adhere to their medication schedule. Current estimated costs to manage medication non-adherence is estimated to be $290 billion in the US market alone. The use of HealthBeacon smart technology aims to make a dramatic impact to cost savings within the healthcare industry. The expansion of the platform will provide access to the technology globally in Europe, North America, South America and the Middle East.

The Irish Times ran a feature article today for Innovation Award Finalist, HealthBeacon. HealthBeacon is a finalist in the Life Sciences and Healthcare Category. In an article written by Olive Keogh, HealthBeacon is recognised for innovation and for changing the face of medication adherence. Keogh writes “Apart from being smart, the HealthBeacon bin also looks smart. Normal sharps bins are brightly coloured clunky plastic containers plastered with warnings. Not exactly an aesthetic addition to any home. The HealthBeacon bin is neat and discreet and constantly displays the user’s adherence score to ensure ongoing patient involvement in their own care.” The article also discusses the steps that HealthBeacon founders Jim Joyce and Kieran Daly have taken to address patient needs on an industry level.

As a finalist in the Life Sciences and Healthcare Category, HealthBeacon is also eligible for the overall award of Innovation of the Year. The Irish Times Innovation Awards Showcase rewards excellence in innovation across a range of groundbreaking products and services. The HealthBeacon team will be present at the awards gala hosted by the Irish Times at the Royal Hospital Kilmainham in October.

Read the full article here.