Medisafe, a personalized medication management app developer, raised $30 million in Series C funding.
The round was led by Sanofi Ventures and ALIVE Israel HealthTech Fund, with participation from Leumi Partners, Menorah Mivtachim, Consensus Business Group, Pitango HealthTech, 7wireVentures, M Ventures, Octopus Ventures, lool Ventures, Triventures, Ourcrowd, and Qualcomm Ventures.
As part of the funding, Cris De Luca, Global Head, Digital Investments at Sanofi Ventures, and David Klein, Co-Founder, Managing Partner ALIVE Israel HealthTech Fund, will join Medisafe’s board of directors.
With the new funds, Medisafe plans to expand its end-to-end solutions supporting patients managing medications and accelerate revenue growth.
Medisafe’s platform supports throughout a patient’s journey with AI-driven technology that engages patients during their treatment based on each patient’s regimen, condition, and specific circumstance.
Medisafe has over 7 million registered users globally. Over the past eight years, Medisafe has amassed a database of over four billion dosage behaviors informing JITI to maximize engagement and driving outcomes, according to the company.
“This investment allows Medisafe to expand holistic treatment support for patients to impact behavior change and ultimately outcomes. Medisafe is continuously advancing its technology to meet the dynamic needs of patients managing complex therapies,” said Omri Shor, CEO, and Co-Founder of Medisafe.
“The future model of patient support is not purely digital but adaptable to empower human connections. In fact, we are seeing impressive results connecting clinicians and caregivers into the support solutions with adoption rates 4x that of pure digital and increasing nurse-to-patient connectivity by 1.8x. We are excited to build out further capabilities to meet the evolving needs of the industry.”
mHealth apps raised $1.4 billion in 2020, compared to $1.2 billion in 2019, according to the latest funding report. Cue Health, the creator of an app-connected health monitoring system, raised $100 million in Series C funding. Investors include Foresite Capital, Decheng Capital, Madrone Capital Partners, Johnson & Johnson Innovation (JJDC), and ACME Capital.