Dublin-headquartered digital therapeutics company HealthBeacon has closed a $12m Series A investment round to fuel its push into the US, Canada and UK markets.
The company, which develops smart tools to manage medication, made the announcement at the JP Morgan Digital Medicine and Medtech Showcase in San Francisco this week. Its smart sharps bin solution aims to help patients who self-inject medications at home improve adherence to prescription schedules.
Co-founder and CEO Jim Joyce said the round, first reported by Silicon Republic, was organised by HealthBeacon and investment bank Cantor Fitzgerald, led by Oyster Capital and Elkstone Partners.
MobiHealthNews reported back in 2016 that HealthBeacon raised $1.13m in seed funding from the Irish government through Enterprise Ireland – government agency supporting the growth of Irish businesses abroad – and private medical and tech angel investors.
“The $12m puts us in really good shape to really try to tackle the US, Canada, and the UK markets, so our priority for this year is to kind of go deeper into those three markets specifically, because they represent a really big opportunity for us,” Joyce told MobiHealthNews this week.
“We sort of kicked off the process at JP Morgan a year ago to try to pull the Series A together and then we literally closed it on Christmas Eve.”
In November 2018, HealthBeacon announced a global partnership with Vodafone Ireland to provide IoT connectivity for the rollout of their platform in new markets.
The company, which has a presence in 10 countries across the globe, secured 510(k) FDA clearance for its smart sharps bin in May last year to make it accessible to patients in the US. Later, it also partnered with Innomar Strategies to make the solution available in Canada.