Seattle-based Medsense Health secures $500,000 in fresh funding to propel the expansion of its technology designed to assist patients and healthcare providers in monitoring medications remotely.
Established in 2019, the startup specializes in creating compact motion-detecting sensors that attach to various medication-related items such as prescription pill bottles, asthma inhalers, and eye droppers.
Medsense operates a software platform that sends medication reminders to patients and provides valuable data to healthcare providers and pharmacies.
The company’s revenue stream is fueled by partnerships with pharmacies, senior living centers, and other health-tech entities seeking to integrate Medsense into their platforms.
Over the last four months, Medsense has witnessed significant growth, expanding its customer base from a handful to a total of 12, according to CEO Matthew Tabakin. Tabakin, who previously founded a sports nutrition company and worked as a research assistant for Promentis Pharmaceuticals, emphasized the critical issue of medication non-adherence, costing the U.S. healthcare industry billions of dollars.
“By having access to this real-time adherence data, we enable the clinician to get alerted about non-compliance in real-time,” Tabakin explained. “They’re able to reach out and engage with that patient, while simultaneously making it easier for the patient to take their medication as prescribed.”
Highlighting the HIPAA-compliance and robust privacy policies of their platform, Tabakin addressed competition, emphasizing the uniqueness of Medsense’s sensors as a distinguishing factor. He underscored the company’s ability to provide an all-encompassing solution for diverse patient needs, coupled with a cost advantage stemming from their AI algorithms and cost-effective sensors.
Having raised a total of $2 million thus far, the latest funding round comes from HealthX Ventures, a venture capital firm based in Madison, Wisconsin, specializing in digital health.
With five full-time employees, Medsense plans to use the funds to expand its team.
