Israel-based medication surveillance technology developer MedAware secured $8m on Wednesday in a series A round that included medical device maker Becton, Dickinson and Company.
The round also featured fertiliser additive producer Yingcheng City Fubon Technology, investment group Gefen Capital and crowdfunded investment platform OurCrowd.
Founded in 2012, MedAware has created a system that uses machine learning algorithms to detect adverse drug events caused by prescribed medication that could cause harm to a patient. It will use the series A funding to further develop its platform and establish a presence in the US.
The round brought MedAware’s total funding to $12m, taking into account grants from European Commission’s Horizon2020 initiative, Israel’s Innovation Authority and Bird Foundation.
MedAware had also raised $1m from GE Ventures, the corporate venturing subsidiary of industrial product maker General Electric, and OurCrowd in 2014.