Digital Pharmacist announced the closing of a $6.5 million Series B today, co-led Austin VC firm LiveOak Venture Partners, which had previously invested in it.
This funding will be used to develop new products and accelerate market adoption of a healthtech platform that provides digital communication solutions to 6,000 pharmacies and four million patients.
"Seventy-five percent of patients want to manage their health provider relationships via their mobile device,” said CEO Chris Loughlin in a statement. “Our solutions help pharmacies meet these patient demands. With this new round of funding, we are inspired to work even harder on behalf of the thousands of pharmacies and millions of patients that use our products.”
Today’s round follows a 2015 $5.7 million Series A that was used to expand the product and employee headcount. In the most recent round, LiveOak Venture Partners was joined by Activate Venture Partners from New York City.
“The company has grown over five-fold since our initial investment a little over 18 months ago,” said Krishna Srinivasan, General Partner at LiveOak Venture Partners, in a statement. “This is a testament to both the size of the opportunity and to how well the team has executed over the past year. We are excited about building a dominant company that leverages the pharmacy ecosystem to positively impact patient lives.”
Digital Pharmacist launched in 2011 originally as RXWiki, before rebranding this past January following the acquisition of New Jersey-based TeleManager Technologies. By merging the platforms — and teams — Digital Pharmacist’s solutions gained the ability to refill prescriptions online, among other convenient patient tools. The company now has 55 members spanning its two offices in Austin and Newark.
In other recent news, Digital Pharmacist was recognized as a 2017 Austin Chamber of Commerce A-List Award winner alongside 17 other companies, selected from over 170 companies nominated.
Image provided by social media.
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