Australian digital health company DoseMe, which makes a precision dosing tool platform for clinicians, has raised $2.6 million in Series A funding, bringing the company’s value to $20 million.
Investors were Greg Spurgin and Gary Cunningham, who founded US orthopedic physical therapy company Results Physiotherapy. Spurgin will join the DoseMe board, along with seed investor Steve Baxter, DoseMe CEO Charles Cornish, and company founder Dr. Robert McLeay.
DoseMe works by providing clinicians and other healthcare providers with an app or web-based tool to accurately dose patients. The tool is built on the principles of Bayesian dose forecasting, a complex mathematical algorithm that uses patient data and lab results to estimate an individual’s ability to absorb, process and clear a drug from their system. It starts by building a virtual model of each person (from as little as one laboratory result), and brings in thousands of data points from published population models. The model is built in less than a second, and can calculate the most effective dose as well as simulate the potential outcome of different dosing regimens.
DoseMe aims to provide clinicians with the ability to make decisions in challenging cases. The company listed a few key patient benefits of the platform including an increase in childhood leukemia survival rate, reduced mortality and hospital stay length, plus savings of more than $2,500 per patient.
The device has regulatory clearance in Australia and Europe, and is currently under review by the FDA. The investors say DoseMe has great growth potential.
“I have been involved in healthcare for more than 25 years and can see that DoseMe has the potential to deliver significant cost savings and efficiencies, and most importantly, it has the capacity to save lives all over the world,” investor and new board member Cunningham said in a statement.
The funding will be used to cover five main areas: commercialization in Australia, US expansion, developing sales in Europe and integrating into existing EMRs in key markets, plus expand the number of drug molecules on the platform.
“Charles and his team have demonstrated what can be achieved with a global problem-solving solution and solid commercial nous,” said seed investor Steve Baxter (and star of the TV series “Shark Tank”). “There is a clear gap in the market for what DoseMe has to offer and I’m excited to be working together to advance the company’s mission to improve patient outcomes and save lives.”