The prescription monitoring device developer and Purdue affiliate previously disclosed approximately $1.8m in funding through securities filings.
Concordance Health Solutions, a US-based digital health device spinout from Purdue University, has raised a $2.5m round.
Purdue publicly disclosed the round yesterday but did not provide further details of who the investors are or when the round was closed.
Founded in 2009, Concordance Health Solutions has developed a prescription tracking system called Smart Med Reminder that uses the internet to inform pharmacists, health insurers or employers whether patients are taking drugs as prescribed.
The internet-of-things technology relies on a connected vial cap to record the data through a cloud-based software platform. The software can then remind patients to take their medication, monitor their progress and, with permission, alert others to missed dosages.
Concordance expects to launch versions of the technology for other connected dosing devices such as inhalers, injectors and pillboxes. The spinout hopes to eventually include support for voice-activated personal assistants such as Amazon Alexa or Google Assistant.
Laura Downey, a lecturer at Purdue University’s Krannert School of Management who previously worked for pharmaceutical firm Eli Lilly, co-founded Concordance Health Systems together with Steve Klink, who once owned a chain of retail pharmacies.
Concordance received startup assistance from Purdue Foundry, the university’s entrepreneurship hub, which provided a seed grant of undisclosed size in addition to mentorship, facilities and services.
The company previously raised $35,000 in 2010 from backers including angel investor Marc Muinzer, later securing $1.8m in tranches from August 2016 until December last year, $320,000 of which came from the fulfilment of convertible debt agreements, according to securities filings.
Laura Downey said: “Failure to take medications as prescribed is a big barrier to wellness. We wanted to create a system that is easy for the patient to use, provides timely information to caregivers and providers, and is economical for payers.”
