Tulsa-based medtech startup PatchRx has announced a significant milestone, raising $8 million in a Series A funding round. The innovative company is revolutionizing medication management with its groundbreaking smart pill bottle cap, harnessing data-driven technology to enhance prescription adherence and support patients in their journey to better health.
Led by Atento Capital and joined by Vast Ventures, Cortado Ventures, Forum Ventures, and Plains VC, this funding round underscores the growing interest in PatchRx’s transformative approach. The total capital raised now stands at an impressive $15 million, marking a testament to the startup’s rapid expansion. In just 12 months, the company grew its team from 10 to over 80 employees and achieved an impressive $4 million in revenue.
PatchRx’s patented technology has already made waves in the healthcare landscape, with deployment in more than 40 clinics across the United States, from Alaska to New Jersey. The startup’s innovative solution goes beyond medication adherence, providing a unique opportunity to engage various healthcare stakeholders concurrently. In 2022, PatchRx became the pioneer vendor to offer a medication adherence platform under new Medicare RTM billing codes, an achievement that showcases the startup’s pioneering spirit.
The far-reaching implications of PatchRx’s technology extend beyond pain management. The startup aims to tackle non-adherence issues in clinical trials, where accurate drug efficacy results are often hampered by unreported non-adherence. Additionally, the psychiatric market, which deals with high-risk medications taken off schedule, could benefit significantly from PatchRx’s innovative solution.
Co-founded in 2018 by Andrew Aertker and Gavin Buchanan, PatchRx’s mission is deeply personal. Aertker’s firsthand experience managing medication after a cancer diagnosis and Buchanan’s loss of his grandfather due to non-adherence propelled them to reimagine medication management. The startup’s patient-centric approach is at the core of its vision to pioneer technological innovations that support patient well-being.
The urgency to address medication adherence is undeniable. According to the World Health Organization, poor medication adherence contributes to a significant percentage of hospitalizations and deaths in the United States. PatchRx’s solution has resonated, boasting high levels of patient engagement. The smart pill bottle cap, universally fitted and affordable, fits seamlessly onto the underside of any pill bottle, ensuring a seamless integration into existing workflows.
Dr. Peter Staats, Chief Medical Officer of National Spine & Pain Centers and a member of PatchRx’s Scientific Advisory Board, highlights the transformative potential of PatchRx in pain management, where early-warning alerts can prevent opioid or other drug overdoses.
PatchRx is poised for exponential growth, focusing on healthcare areas where chronic medication is prevalent and non-adherence is most detrimental, including heart disease, mental health, oncology, and conditions like high blood pressure and diabetes. The company’s relocation to Tulsa, Oklahoma, aligns with the growing trend of startups finding fertile ground for innovation in the city.
As PatchRx continues to thrive, its innovative solution stands as a beacon of ingenuity emerging from the heartland, exemplifying breakthrough technology that has the power to reshape patient care in the digital health realm.
