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Print Edition StoriesFriday, April 9, 2010
MedMinder swallows $1.3M funding round for smart pillbox
By Mass High Tech staff
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Newton startup MedMinder Systems Inc. has taken in $1.265 million in its first institutional funding round, according to federal documents. The company makes an Internet-connectable, smart pillbox intended to allow patients to take the right medicine at the right time.
The filing with the U.S. Securities and Exchange Commission did not list all of the 11 backers in the funding round for MedMinder, but it did note two of the directors of the company. Listed are Mona Eliassen Taliaferro, founder of Eliassen Group, and William Gately, a financial advisor with Holliston’s MerWin Growth Partners and a former financial executive with Arthur Andersen.
MedMinder’s CEO is Eran Shavelsky, and the vice president of engineering is Bela Labovitch, who was senior software architect at Waltham’s BrassRing LLC, which was acquired in 2006 by Kenexa Corp. for $115 million.
Founded in 2007, MedMinder says its pillbox system, called Maya, can remind patients when they have not taken their medication on time either directly via noises or flashing lights, or indirectly via text message, e-mail or phone call. The pillbox also allows for data collection of adherence to the drug schedule over time and for remote monitoring by a caregiver or physician’s office.
In September of 2009, MedMinder was listed as one of Mass High Tech’s Startup Watch: Five You Should Follow companies.
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