Following an oversubscribed funding round, HealthBeacon is set to expand into new global markets and hire 70 staff over the next two years.
HealthBeacon, an Irish company that has developed tech to help people take and manage their medication at home, has raised €5.5m in a recent funding round.
The business was founded in 2013 by CEO Jim Joyce and CTO Kieran Daly, and now has offices in Dublin, Boston and Montreal. It currently employs 30 people in Dublin and will hire for 70 new positions over the next two years. The new roles will span data management, customer service and more.
HealthBeacon’s Smart Sharps Bin aims to make it easier for patients using injectable medicines to stay on track with their treatment schedule at home, without having to attend a hospital, and allow carers to track a patient’s progress.
“HealthBeacon has been in 10,000 patient homes in 13 countries and we are anticipating growth to hit 20,000 in the next 18 months, so will need to upscale and expand our team,” Joyce said.
“We had targeted €4m from this funding round and were oversubscribed, so will close out over target at €5.5m.”
The funding round saw contributions from Elkstone Capital, Oyster Capital and Enterprise Ireland, among others. Along with the company’s Series A funding round in early 2019, it brings the total raised by the company to date to €18m.
As well as helping to expand the HealthBeacon team, this funding will be used launch its injection care management system in new global markets.
The company said that demand for remote monitoring tools has “accelerated significantly” during the Covid-19 pandemic as patients are being kept away from hospitals where possible to limit infection risks, but still need to maintain medication schedules.
“As a result of Covid-19, healthcare is moving to remote care, so everything must be done digitally,” Joyce said. “As we have grown, our technology has evolved and we are currently developing a more sophisticated software platform, for which we anticipate FDA approval before launching and expanding operations throughout US, UK and German markets early next year.”
The company also recently appointed former Tánaiste Mary Harney and US pharma leader Keeshia Muhammad to its board of directors.