Digital therapeutics company HealthBeacon has raised a further €6 million from backers to bring total investment to date to €25 million.
The company, which has developed a solution that helps patients better adhere to their medication schedule, announced 100 new jobs earlier this year after signing a new multimillion dollar partnership with North American home appliances distributor Hamilton Beach Brands.
The company’s flagship product is an FDA-approved smart sharps bin for use by patients who inject medication at home. The bin is digitally connected to an individual’s smartphone and is used for the disposal of injector pens and syringes as well as to track individual patients’ adherence to medication regimes and to remind them to stay on track if necessary.
The technology is available in 15 countries.
Elkstone and Crow Rock Capital led the latest investment, which coincides with new research that demonstrates a 19 per cent improvement in therapy persistence by patients who administer injectable medications at home using HealthBeacon's injection care management solution.
"It is our intention to use this fresh round of funding to scale our team and production to meet current demands and our future growth ambitions," chief executive Jim Joyce said. "With over 30 million people across Europe and North America administering injections in the home, an estimated half of whom fail to adhere to their medication schedule, our technology offers a real solution to a significant health and safety challenge today."
HealthBeacon, which was founded in 2014 and employs more than 50 people, has secured 12 new contracts with pharmaceutical companies, insurers, and speciality pharmacies last year, in addition to the deal with Hamilton Beach. Its clients include Sanofi, Novartis, Teva, AbbVie, Laya Healthcare, and the NHS.
Crow Rock is led by John Given, a lawyer and former chairman of Malin.
Prior to the latest investment HealthBeacon had raised €19 million across four separate rounds of seed and series-A funding. Its share register includes Enterprise Ireland, Bill McCabe's Oyster Capital, Cantor Fitzgerald, BVP, Elkstone Partners and company management.