MedAware, a provider of algorithm-rich solutions for the detection and elimination of prescription errors, has announced that the company has raised $8m (~€6.8m) in ‘Series A’ funding.
Investors participating in the round included BD (Becton, Dickinson and Company), Gefen Capital, OurCrowd and Yingcheng City Fubon Technology Co.
In addition, MedAware has received grants from Israel’s Innovation Authority and the BIRD Foundation, as well as from the European Commission as part of its Horizon 2020 programme, bringing the company’s total funding raised to date to $12m.
The funding will be used to advance the company’s approach to identifying the most consequential medication mistakes, thus improving patient safety and saving lives.
MedAware will leverage its patented software to perform a real-time evaluation of a prescribed drug against a specific and up-to-date patient profile. The company’s advanced machine-learning algorithms mine data to detect outliers in prescription behaviour that could potentially be fatal and immediately flag them as life threatening.
Jon Medved, CEO of OurCrowd, said: “OurCrowd is proud to be investing again in MedAware, a company whose product is changing the way that medicine is prescribed.
“The ability to ensure that prescriptions will heal rather than harm by utilising machine learning and big data analysis, is about as good as it gets in impact investing. It gives me goosebumps to realise that by investing in this revolutionary company we will indeed save lives.”
MedAware intends to use the Series A funding to develop additional machine learning-enabled decision support solutions, as well as making ongoing product enhancements to cover more catastrophic types of errors.
Gidi Stein, CEO of MedAware, said: “MedAware was purpose built around our commitment to patient safety.
“Every catastrophic error we identify is a patient saved. Through this round of Series A funding we will be able to build on the successes we’ve achieved to date and scale our approach to protect physicians and their patients all over the world.”