HealthBeacon welcomed two new strategic investors, who will assist the company as it expands into Asian and US markets.
Today (18 September), Dublin and Boston-based medtech HealthBeacon announced that its Series A funding round has now closed. The company said the round has resulted in investment from new international strategic partners – Singapore’s SGInnovate and US firm Manatt.
Earlier this year, HealthBeacon announced that it had raised $12m, and the company’s total amount raised is now standing at $15m.
The digital health company organised the round with Cantor Fitzgerald, and saw investment led by Oyster Capital and Elkstone Partners. There was also participation from Quorndon Capital and Cantor Fitzgerald’s private client group, as well as Enterprise Ireland and a number of angel investors.
The company, which was founded in 2013, now plans to expand into Asia and the US. Last year, HealthBeacon’s medical adherence platform received FDA clearance for the US market.
Its Smart Sharp Bin aims to make it easier for patients using injectable medicines to stay on track with their treatment schedule. As well as improving adherence, it also makes it easier for carers to track a patient’s progress.
SGInnovate and Manatt
Co-founder and CEO of HealthBeacon, Jim Joyce, said: “We are delighted to have SGInnovate and Manatt on board as investors and strategic partners [that] will assist us significantly as we bring our medical adherence technology to patients in the Asian and USA markets.”
SGInnovate is a private-limited company owned by the Singapore Government. It was set up to back deeply technical founders through equity-based investments, prioritising areas such as AI, quantum tech and medtech.
Hsien-Hui Tong, head of venture investing at SGInnovate, said: “Medical non-adherence places a significant burden on healthcare systems. HealthBeacon’s use of smart tools to tackle this global challenge resonates well with SGInnovate’s belief in investing in best-in-class deep tech tackling difficult problems faced around the world.
“The team has shown a proven track record in improving care for patients with chronic medical conditions in Europe, the US and Canada. SGInnovate is proud to join in as a strategic investor to help with the company’s expansion into Asia. This also marks our first healthcare investment together with Enterprise Ireland. We look forward to supporting more promising deep tech start-ups globally.”
Manatt is an integrated professional services firm that provides consulting and legal support to companies.
Lisa Suennen, leader of Manatt, said: “HealthBeacon has a proven team that is tackling a challenging and unaddressed problem in a new way. Their solution is one that both helps patients directly and improves caregivers ability to help them manage difficult conditions. We are excited to support the company and watch it grow.”