Company name: MedMinder Systems.
Industry: medical technology.
Location: Newton, Massachusetts.
Solution/product: Maya is the company’s pill dispenser. Pills are placed in dispenser compartments. User and caregiver preferences are set online. The user gets a reminder to take his or her medication with an alarm that includes flashing lights and a sound. It also uses text messages, email or a phone call. Caregivers such as family members are notified by phone, email or text message if the user doesn’t take his or her medication. MedMinder Systems CEO Eran Shavelsky told Mass High Tech Business News that the company is using the financing round to support two new products with features aimed at patients with various ailments such as dementia, coming within the next six months.
Money raised: $124,000 with a target of $1 million. It has raised $3.6 million since its launch in 2007.
Management team: Shavelsky, founder and CEO, previously worked for Iscar, Sheer Networks and CentrePath. Inga Levina is the vice president of engineering. The founding team also includes Andrew S. Dibner, who co-founded adherence company Lifeline Systems, which Philips acquired in 2006.
Market: PillJogger, Remembottle and HealthPrize are among the companies active in this space. The prescription noncompliance rate in the U.S. is estimated to be 50 percent. One estimation of the cost of nonadherence, which includes costs for unnecessary hospitalization, is $290 billion, according to a 2009 New England HealthCare Institute report.