Denver, Colorado-based RxRevu, which offers a medication transparency tool, has raised $540,000, according to a recent SEC filing that also notes the company hopes to raise another $210,000. RxRevu founder Carm Huntress told MobiHealthNews that the seed round's exact total is undisclosed but that it is "well over" $500,000.
Investors in the round include a Denver, Colorado-based incubator Galvanize and other unnamed angels. RxRevu also recently announced that they will be a part of Startup Health's next class.
RxRevu provides data to various healthcare groups on how to save money when buying medications. The company has catalogued thousands of generic drugs. RxRevu has seen interest in using its product from different healthcare sectors that deal with medication pricing including payors, providers, and healthcare app developers that focus on digital health tools and medication adherence apps.
"We are currently licensing our data," Huntress said. "We have five active pilots right now and we have a licensing deal with a large cost transparency company on the west coast that's using [RxRevu] with at least two Fortune 500 companies that we know about. Our data is out there active in the market today and we plan on -- probably within the next 30 days -- launching a number of new customers, but we're still not finished negotiating those contracts."
RxRevu doesn't currently offer its services direct to end users.
"One of the decisions we made as a company is that we really didn't want to have a standalone product," Huntress said. "Whatever the engagement model is of the particular payor or healthcare application, we wanted to fit right into the workflow, so that's how we interact. Our API gets integrated into whatever solutions our customer might have today and that way our data gets in the right place at the right time to drive on the engagement side. To get it in front of patients in places they're already going to, instead of introducing another solution."
While the company has seen a lot of interest in their API, Huntress said RxRevu is considering launching a direct-to-consumer standalone app in the next six to 12 months. Huntress imagines that a consumer version would be free and that the company would make up the difference with advertising.
Beyond that, Huntress wants to integrate even more data sets into the medication transparency system to provide users with the best possible suggestions.
"Eventually we will get more sophisticated in that instead of being around cost and quality, we might bring other factors into our data set such as age or ethnicity. Even genomic information," Huntress said. "So our recommendations become more personalized to the individual. I think that's a bigger picture that we'll probably evolve into over the next two to three years."