HealthBeacon raises € 6 million investment from Elkstone and Crow Rock

Digital therapy company HealthBeacon has raised an additional € 6 million from donors to bring the total investment to date to € 25 million.

The company, which has developed a solution that helps patients better stick to their medication schedules, announced 100 new jobs earlier this year after signing a new multi-million dollar partnership with the North American home appliance distributor. Hamilton Beach Brands.

The company’s flagship product is an FDA-approved smart sharps bin for patients who inject drugs at home. The bin is digitally connected to an individual’s smartphone and is used for disposing of injection pens and syringes as well as tracking patients’ adherence to drug regimens and reminding 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 shows a 19% improvement in treatment persistence for patients who administer injectables at home using the managed care solution. injection of HealthBeacon.

“We intend to use this new round of funding to evolve our team and our production to meet current demands and our ambitions for future growth,” said Managing Director Jim Joyce. “With over 30 million people in Europe and North America administering injections at home, about half of whom are not on their medication schedules, our technology today offers a real solution to a major health challenge. and security. ”

HealthBeacon, which was founded in 2014 and employs more than 50 people, closed 12 new contracts with pharmaceutical companies, insurers and specialty pharmacies last year, in addition to the deal with Hamilton Beach. Its clients include Sanofi, Novartis, Teva, AbbVie, GSK, Laya Healthcare, NHS, Viatris and Takeda.

Crow Rock is led by John Given, lawyer and former president of Malin.

Prior to the latest investment, HealthBeacon had raised € 19 million in 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 the company’s management.

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