By John Kennedy at Siliconrepublic
With funding and FDA approval under its belt, this Dublin tech start-up has plans to help patients stick to their medication schedule.
Dublin and Boston digital health company HealthBeacon has raised $12m in a Series A investment round that brings total investment in the company to almost $15m.
The round was organised by HealthBeacon and Cantor Fitzgerald, led by Oyster Capital and Elkstone Partners, and the investment syndicate included Quorndon Capital and Cantor Fitzgerald’s private client group. Earlier investors in HealthBeacon include Enterprise Ireland, BVP and a range of angel investors.
‘I know with confidence as to whether my patients are adhering to their treatment strategy’ – DOUG VEALE
“Cantor has a major focus on life sciences and on digital health, and we have every confidence that CEO and co-founder Jim Joyce has created a true sector leader in HealthBeacon,” said Liam Kiely, director of Cantor Fitzgerald.
The announcement was made in San Francisco at the JPMorgan Chase Biotech Showcase. The funding comes on the back of rapid global expansion of the FDA-cleared HealthBeacon Smart Sharps technology.
The right stuff
Dublin-based HealthBeacon’s Smart Sharps system helps patients adhere to their medication schedule. The company was founded by Jim Joyce and Kieran Daly in 2013, and opened offices in Boston in 2017.
The digital platform, which last year received vital FDA clearance for the US market, not only ensures that patients keep up with their injectable treatments, but also allows them to dispose of medication in a safe way, and keeps carers up to date with the patients’ progress.
The funding from this Series A will be used to launch its Smart Sharps system in the US and to develop its portfolio of medical adherence tools for high-value medications.
In 2017, HealthBeacon revealed plans to create 20 new jobs in Dublin in roles spanning IT, software development, project management and customer service. As of today, HealthBeacon operates in 10 markets and has tracked more than 200,000 home-based injections, making it one of the largest global deployments of a medical adherence device. Today, HealthBeacon employs more than 30 people and plans to double the team over the next 18 months.
The addressable market for injectable medications has reached nearly $50bn, according to the company. The Smart Sharps bin system by HealthBeacon has made it easier for patients using injectable medications to stay on track with their treatment. This has resulted in improved patient medication adherence, driving patient care.
In December, HealthBeacon was named eHealth Innovation of the Year by the Irish Medtech Association.
“I’ve been using the HealthBeacon for over two years, and their Smart Sharps bin has had a profound impact on how patients manage their treatment,” said Doug Veale, professor of rheumatology at St Vincent’s Hospital in Dublin.
“I know with confidence as to whether my patients are adhering to their treatment strategy.”