Patients prone to forgetting when to take their medications just got a few more reminders to prod their memories — 1,265,000 more, to be exact.
MedMinder Systems Inc., a Newton, Mass.-based startup that’s developing “smart” pill boxes, raised nearly $1.3 million from institutional investors in its first funding round. The proceeds are expected to be used to advance sales and marketing of Maya, the company’s automated medication service.
Roughly the size of a notebook computer, Maya holds up to a week’s worth of pills taken up to four times daily. If a particular dose is forgotten, the wireless device will first light up and beep and later contact the patient with telephone, text and e-mail alerts. The electric-powered unit (no Internet connection required) provides caregivers with detailed information on patients’ compliance with their drug regimens and will also call in re-fills as needed.
MedMinder was launched in 2007 by Eran Shavelsky, who held executive positions with Hopkinton, Mass-based EMC Corp. (NYSE:EMC) and two other venture-backed technology startups, CentrePath Inc. of Waltham, Mass., and Sheer Networks of San Jose, Calif. Maya first went live in May 2009; the company employs a classic “razor-blade” strategy: The pillbox sells for under $80, with monthly service and support going for $30.
According to an April 8 securities filing, the deal attracted 11 un-named investors. MedMinder had relied on individuals for earlier financial support.