New York City based-startup Quio, which is working on a sensor-enabled drug injector and companion software for the clinical trial and chronic disease market, has raised $1.05 million in seed funding. The undisclosed investors include those with expertise in health insurance, pharmaceuticals and clinical research, the company revealed.
Quio is developing Smartinjector, a connected medication adherence device and platform that aims to make self-injection easier and more reliable for patients. The idea is to prevent common mistakes and ensure a full dose is delivered. The device records injection performance and wirelessly communicates that information to Quio’s cloud-based software platform, which includes a secure web dashboard with analytics and communication tools so caregivers can monitor patients and give timely support. Quio’s platform also collects data from other third party devices like weight scales, activity trackers and glucose meters.
The investment will allow Quio to finish development of its Smartinjector device, which the company said leverages a proprietary design to accept all of the most common syringes and delivering even the “most sensitive and viscous biologics.”
The company is also preparing for pilots and 510(k) submission, and expects its device to join the ranks of connected inhalers, smart pill bottles and other digital tools to improve medication adherence.
“With over 15 million Americans prescribed an injectable therapy today, we see a large and growing need for a comprehensive drug delivery and adherence monitoring solution," Quio CEO and cofounder Alex Dahmani said in a statement.
Dahmani said the device will be necessary as self-injection therapies become more commonplace.
"Injectable therapies, including biologics and biosimilars, represent the future of medicine, making up nearly half of the pharmaceutical pipeline. These are amazing therapies, and our technology is designed to help them reach their full potential,” he stated. “We may even help move cancer therapies out of the clinic, enabling patients to safely treat themselves at home."