With funding and FDA clearance under its belt, this Dublin tech start-up has plans to help patients stick to their medication schedule.
(Dublin, Ireland; San Francisco, CA – January 8th, 2019) Dublin and Boston based digital health company, HealthBeacon announces the completion of its Series A investment round of $12M, bringing total funding to date into the company of $15M. The announcement was made in San Francisco, CA at the JP Morgan Chase Biotech Showcase. The funding comes on the back of rapid global expansion of its FDA cleared HealthBeacon Smart Sharps Technology.
The funding from this Series A will be used to launch its Smart Sharps System into the USA and to develop out their portfolio of medical adherence tools for high value medications. The addressable market for injectable medications has reached nearly $50 billion. As of today, HealthBeacon operates in 10 markets and has tracked more than 200,000 home based injections making it one of the largest global deployments of a medical adherence device. Today HealthBeacon employs over 30 people and plans to double the team 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. In December, they were awarded eHealth Innovation of the Year, by the MedTech Association of Ireland.
Doug Veale, Professor of Rheumatology, St Vincent’s Hospital Ireland “I’ve been using the HealthBeacon for over two years and their Smart Sharps Bin has had a profound impact on how patients manage their treatment. I know with confidence as to whether my patients are adhering to their treatment strategy.”
The round was organized by HealthBeacon and Cantor Fitzgerald and led by Oyster Capital and Elkstone Partners, the investment syndicate included Quorndon Capital and Cantor Fitzgerald’s Private Client Group. Previous investors in HealthBeacon include Enterprise Ireland, BVP and a range of Angel Investors.
Liam Kiely, Director, Cantor Fitzgerald said “We are delighted to have worked with HealthBeacon in putting this $12m Series A round together. Cantor has a major focus on Life Sciences and on Digital Health, and we have every confidence that CEO & co-founder Mr. Jim Joyce has created a true sector leader in HealthBeacon.”