THE Scottish company behind an innovative app that helps people take their medicine correctly is set for expansion after securing major investment.
Glasgow-based Talking Medicines is the firm behind the acclaimed Medsmart app, which can help patients better manage their medicines at home.
Founded in 2013 by Jo Halliday, Scott Crae and Elizabeth Fairley, Talking Medicines has just secured its first institutional investment as part of a new funding round worth £622,000 to support its growth.
Aimed at ensuring medicines are taken correctly at the right time and for the specified duration, Medsmart turns complex information into easy-to-understand content for the user.
Talking Medicine’s latest funding round was led by SIS Ventures, and included investment from private investors, founders of the business and the Scottish Investment Bank (SIB), the investment arm of Scottish Enterprise. The amount raised for Medsmart over the past two years totals £1.2 million.
Medsmart works by disrupting the way in which pharmaceutical companies access real-world data, allowing them to see how their medicines are actually used.
Jo Halliday, co-founder and chief executive of Talking Medicines, said: “This latest investment round demonstrates the growing support around the vision of enriching the experience of patients and understanding how their medicines are being taken.
“The Medsmart app is in the 30,000-50,000 download bracket and the data insights are being accessed by marketing teams from a number of pharmaceutical clients. We have a vision to open up the traditional data model for the pharmaceutical industry, and today marks an important milestone in that journey.”
Kerry Sharp, Director of the SIB, said: “This deal represents an exciting progression in the growth of Talking Medicines. We are delighted to support Talking Medicines’ long-term ambitions.”
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