Canada-based digital pharmacy MedAvail Technologies has secured $16.6m in funding from investors including pharmacy management services provider Express Scripts.
Lewis & Clark Ventures, Redmile Group, Deerfield Management, Pura Vida Investments and Adage Capital Management also invested in the round, together with undisclosed additional participants.
MedAvail runs a mobile-focused platform that allows patients to quickly secure repeat prescriptions under the supervision of their doctors, getting the medication from automated dispensers.
The company was formed when investors bought the assets of remote healthcare technology developer Patient Care Automation Services.
Glen Stettin, Express Scripts’ chief innovation officer, will join MedAvail’s board of directors along with Helen Ciesielski of Lewis & Clark Ventures and David Rawlins of Redmile.
Stettin said: “This consumer experience can do for pharmacy care what the ATM did for personal banking – enable greater access and efficiency, especially during times of immediate need, while streamlining the experience for those consumers who need expert counsel and support from a pharmacist.
“We believe this technology, when deployed on a larger scale, could have the potential to bring pharmacy dispensing to employer sites, hospital emergency rooms, community clinics and university campuses.”
Pura Vida led a $30m series C round for MedAvail in 2014 that included Deerfield, Adage Capital Management and existing backers Redmile and pharmacy operators Walgreens and Alliance Boots, before the latter two merged at the end of that year.
– Image courtesy of MedAvail Technologies, Inc.