AUSTIN, TX – June 6, 2017 – Digital Pharmacist Inc. (digitalpharmacist.com), a rapidly growing digital health company that powers the digital, communication and adherence solutions for 6,000 pharmacies, national pharmacy wholesalers, hospital systems and pharmaceutical brands, announced today that it has closed a $6.5 million series B financing round.
The new financing was led by Activate Venture Partners in New York City, NY and LiveOak Venture Partners in Austin, TX. The new funds will be used to accelerate adoption of the company’s platform and build new products that improve patient outcomes.
“Seventy-five percent of patients want to manage their health provider relationships via their mobile device. Our solutions help pharmacies meet these patient demands,” said Chris Loughlin, Chief Executive Officer. “With this new round of funding, we are inspired to work even harder on behalf of the thousands of pharmacies and millions of patients that use our products.”
“Pharmacists play an important role in value-based healthcare,” said Todd Pietri, Managing Partner, Activate Venture Partners. “Digital Pharmacist empowers pharmacists and their patients to leverage technology and data to improve outcomes at a lower cost. We feel fortunate to be in business with an experienced and accomplished management team addressing a large and attractive market with a powerful value proposition.”
“The company has grown over five-fold since our initial investment a little over 18 months ago.” said Krishna Srinivasan, General Partner at LiveOak Venture Partners. “This is a testament to both the size of the opportunity and to how well the team has executed over the past year. We are excited about building a dominant company that leverages the pharmacy ecosystem to positively impact patient lives.”
About Digital Pharmacist Inc.:
Digital Pharmacist Inc. (http://www.digitalpharmacist.com/) is a rapidly growing digital health company that powers the digital, communication and adherence solutions for 6,000 pharmacies, national pharmacy wholesalers, hospital systems and pharmaceutical brands. Four million patients use the company’s products every month. The company is headquartered in Austin, Texas with offices in Newark, New Jersey. Digital Pharmacist Inc. is a partner of the National Community Pharmacy Association and a winner of the 2017 Austin A-List Awards.
About Activate Venture Partners:
Activate Venture Partners (www.activatevp.com), with offices in Pennsylvania and New York City, provides early stage venture capital for high growth technology companies solving important problems in healthcare, financial services and other compelling markets. Activate’s partners manage over $200 million and have exited 13 Digital Health investments successfully thus far including Medidata (Nasdaq:MDSOL), Access Health (sold to McKesson), and MapMyFitness (sold to Under Armour).
About LiveOak Venture Partners:
LiveOak is a $109MM Fund based in Austin, TX and was founded by Ben Scott, Krishna Srinivasan, and Venu Shamapant (all formerly of Austin Ventures). While many of LiveOak’s investments begin in the early stages, LiveOak is a full lifecycle investor focused on technology and technology-driven service companies based in Texas. With over 16 years of successful early stage investing in Texas, the Founders of LiveOak have helped entrepreneurs create industry-leading companies, such as Spatial Wireless (acquired by Alcatel-Lucent), Navini Networks (acquired by Cisco Systems), LifeSize Technologies (acquired by Logitech) and Mavenir Systems (NYSE: MVNR), and StackEngine (Acquired by Oracle).