PharmRight Corporation, a healthcare technology company based in Charleston, SC, announced that it has completed a second closing under its offering of Series A Preferred Stock bringing the total amount raised to approximately $1.6 million. The funding is expected to raise up to $2.5 million and will be used for production tooling, working capital, personnel and for general corporate purposes.
The investment was led by Lowcountry Angels, the South Carolina Angel Network (SCAN) affiliate based in Charleston, which was formed earlier in 2015. This was the first investment from the group. It was joined by investors from Asheville Angels, Spartanburg Angels, and Capital Angels in Columbia. Their investment was matched by the Palmetto Angel Fund, an investment fund that co-invests alongside SCAN groups. SCAN is a network of over 200 angel investors striving to generate attractive investment returns and strengthen the long-term economic health of South Carolina by investing in innovative companies.
Founded in 2013, PharmRight Corporation produces devices and offers services that maximize medication adherence and allow patients to age in place. The company has developed Livi™, an innovative, fully-automated home medication dispenser. Livi™ is designed to simulate the supervision of an on-site caregiver by prompting the user to take the right medication…at the right time…in the right quantity…with the right instructions under the Internet-enabled remote oversight of a caregiver or a team of caregivers. A cloud application monitors and captures all user interactions with the device. Family members and professional caregivers can be alerted via text message or e-mail if a user misses a dose or requires a re-fill. Comprehensive medication adherence reports are available via computer and mobile devices.
“Livi is a product with nationwide scope and interest, but we are excited to have secured more funding from local investors to facilitate our commercial launch. SCAN’s diligence process was rigorous, so we are pleased to have convinced their investors to support our company, “ said Bill Park, CEO of PharmRight.
In August 2015, Pharmright completed its first closing of $1.2M in Series A funding. Other investors in PharmRight include IncWell LP (Birmingham, MI), SCRA’s SC Launch program (South Carolina), Upstate Carolina Angel Network (Greenville, SC) and a number of individual investors.