Israeli digital health startup Medisafe announced on Thursday the completion of a $30 million series C funding round led by Sanofi Ventures, the investment arm of one of the world’s three leading pharmaceutical companies. The round was co-led by venture capital fund ALIVE Israel Healthtech Fund and included participation by Leumi Partners, Israeli insurance company Menora Mivtachim, the UK-based CBG Group, as well as existing investors Pitango HealthTech, Merck Ventures, 7Wire Octopus Ventures, lool Ventures and OurCrowd. Co-founder of Zebra Medical Vision and angel investor Eyal Gura also invested in the round.
Medisafe had previously raised just $25 million since it was founded in 2012. The company currently employs around 50 people in Israel and the U.S.
Medisafe CEO and co-founder Omri Shor told Calcalist that the new funds will be used to expand the company’s workforce, with the aim of doubling the number of staff in the coming years.
“We partner with different drugmakers and our activity with them and the use of our application improves people’s usage of medicine,” said Shor. “Many patients tend to stop taking medicine without good reason and we help track that and make sure that they continue to follow their prescription.
“The company currently has revenue of several millions of dollars and is displaying nice growth. The digital health market has grown significantly over recent times. People don’t want to go to a doctor or visit the pharmacy and anything that is related to remote medicine and digital health has been growing.”
Cris De Luca, Global Head, Digital Investments, at Sanofi Ventures, and Dudi Klein, Managing Partner at ALIVE, will join Medisafe’s board of directors. “The Covid-19 pandemic has proven to us that supporting patients digitally through virtual treatment and leveraging data-based insights, has become critical to future models of healthcare,” noted De Luca.
We had been following Medisafe and witnessed its massive success as the health industry accelerated its usage of digital solutions,” said Klein.
Medisafe has developed a platform to manage medicine and has over seven million registered users. The company expanded its platform in 2020 with the launch of Medisafe Care Connector, which digitally connects patients and doctors. “This investment will allow Medisafe to expand its holistic patient journey management solution and affect the behavior of the patient and the quality of the treatment,” added Shor. “The future model of supporting patients isn’t just digital but is customized to enhance the human connection.”