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MedMinder raises $850K in funding

Awardee Story MedMinder raises $850K in funding
Date: Mar 14, 2012
Author: Don Seiffert
Source: bizjournal ( click here to go to the source)

MedMinder Systems, Inc. of Needham, maker of a wireless pill dispenser and complementary medication management service, has raised $850,000 in equity funding to support two new products coming out this year.

The filing with the U.S. Securities and Exchange Commission did not list the one investor behind the latest round. An earlier round in April, 2010 for $1.3 million - the first for the company - had 11 investors, who were also not named. CEO is Eran Shavelsky said there was one previous round in 2008 of $500,000, bringing to total investment to date to $2.6 million.

Founded in 2007, MedMinder says its pillbox system, called Maya, can remind patients when they have not taken their medication on time either directly via noises or flashing lights, or indirectly via text message, email or phone call. The pillbox also allows for data collection of adherence to the drug schedule over time and for remote monitoring by a caregiver or physician's office.

Shavelsky said the current investor is an organization which uses the company's product, and the money will be used to support the launch of two new products. Both products are wireless healthcare devices which will be introduced in three and six months respectively, he said.

Shavelsky is formerly of Iscar, Sheer Networks and CentrePath. Directors of the company are listed as Mona Eliassen Taliaferro, founder of Eliassen Group, Ben Dunn of the Boston-based investment firm Covington Associates Inc. and Hiram Samel.

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