MedAvail, a Toronto, Canada-based digital pharmacy company, closed a $16.6m round of funding.
Backers included new investors Express Scripts and Lewis & Clark Ventures, which joined existing investors Redmile Group, Deerfield Management, Pura Vida Investments and Adage Capital Management, among others. As part of the financing, Dr. Glen Stettin, Chief Innovation Officer of Express Scripts; Helen Ciesielski, Lewis & Clark Ventures; and David Rawlins, Redmile Group, will join the MedAvail Board of Directors.
Led by Ed Kilroy, CEO, MedAvail is a pharmacy technology and services company that has developed and launched a mobile-enabled self-service pharmacy center solution. The MedAvail MedCenter™ provides a pharmacy, kiosk-based solution by enabling automated medication dispenses under the supervision of licensed pharmacists in under 90 seconds.
Patients who use the MedCenter have 24/7 access to multi-lingual pharmacist services through audio-visual communications built into the pharmacy center. Licensed tele-pharmacists perform all the professional functions associated with prescription dispensing.
The company has deployed its MedCenter platform in the US and around the world with customers that include some of the world’s leading pharmacy retailers, general retailers, hospital systems, clinic operators, and employers. These include, Walgreens, Banner Health, Geisinger, and Bayless Integrated Health.
This round of financing will help scale MedAvail’s commercial activities in the US and overseas.