Contributed by Dr. Gidi Stein, CEO and Co-Founder, MedAware
We’re thrilled to share the news that we have recently closed on an $8-million Series A round of funding, backed by investors BD (Becton, Dickinson and Company), Yingcheng City Fubon Technology, OurCrowd and Gefen Capital. This financing, coupled with the grants we’ve received from Israel’s Innovation Authority and the BIRD Foundation, as well as from the European Commission as part of its Horizon2020 program, means we’ve raised a total of $12 million to date.
The support of our investors confirms the value of what we are doing at MedAware to reduce the scourge of medication errors that harm and kill millions of people each year. In the U.S. alone, eight million people are exposed to serious and preventable prescription errors annually. These types of mistakes in a typical U.S. hospital averages more than $5 million yearly in wasted spending – a total of $21 billion in the U.S. each year.
With this new capital provided by our investors, we will continue to expand and improve MedAware’s revolutionary medication surveillance technology which identifies and prevents adverse drug events and eradicates catastrophic medication errors. In particular, our Series A funding will allow us to accelerate our efforts to partner with U.S. health systems to help significantly reduce the number of people in the country who are adversely affected by avoidable medication errors.
Saving lives is what motivated us to develop our technology and found MedAware. Every catastrophic error we identify is a patient saved. This mission is what we dedicate ourselves to every day, and now, thanks to this recent round of funding, we will be able to scale our efforts to improve patient safety and protect even more lives.