PatchRx Raises $8M in Funding

PatchRx Smart Pill Cap

PatchRx, a Tulsa, OK-based medication management startup, raised $8M in funding.

The round, which brought the total amount to $15M, was led by Atento Capital, with participation from Vast Ventures, Cortado Ventures, Forum Ventures, and Plains VC.

The company intends to use the funds to expand operations and its business reach.

Co-founded in 2018 by Andrew Aertker and Gavin Buchanan, PatchRx is a patient-focused medication management platform improving outcomes through connected technologies. It provides personalized support through a service that combines a patented universal smart pill bottle device with a provider web app and on-staff nurses.

The patented technology has been deployed in over 40 clinics across the US from Alaska to New Jersey. In 2022, the company started offering a medication adherence platform under new Medicare RTM billing codes, creating an opportunity to engage various stakeholders of healthcare simultaneously. PatchRx is on track to also deploy its technology beyond pain management, in clinical trials, and in psychiatric markets.

The company has experienced an accelerated period of growth in which they expanded from a team of 10 to 80+ employees and reached $4m in revenue in 12 months.