Cari Health, a provider of a wearable remote medication monitoring system that enables clinicians to view medication levels in real-time and provide customized life-saving dosages for patients at the right time, raised $2.3 million in Seed funding.
With the new funds, the startup intends to commercialize its wearable remote medication monitoring device system in the U.S. healthcare market.
“The funding will go toward completing the first in-patient human clinical studies for CARI Health’s wearable remote medication monitoring device, expanding its intellectual property portfolio, and preparing for the regulatory pathway with the Food and Drug Administration, the company said in a press statement.
San Diego Angel Conference (SDAC) led the investment round with additional investments from NuFund Venture Group, Cove Fund, Chemical Angel Fund, Medical Devices of Tomorrow, and several individual angel investors.
Commenting on the funding news, Cari Health Founder and CEO Patrik Schmidle said: “We are passionate about the potential to make an impact and build something bigger than ourselves.” “Wearable remote monitoring would be life-changing for hundreds of thousands of medications for opioid use disorder patients, who under today’s standard of care have to show up almost daily for clinic visits, especially in the beginning of treatment.”
The company expects to raise its next financing round in the second half of 2023 to support the regulatory clearance process and subsequent commercial product launch. “The fact that our seed round was oversubscribed despite a challenging fundraising environment is an enthusiastic validation of the technology and the need for our solution,” Schmidle said.
Remote medication management startups
Remote medication management device makers have raised close to $800 million in funding to date, according to our funding database. The latest funding rounds include:
SiBionics, a provider of a wearable blood sugar monitoring system, raised ~$71.7 million in Series D funding led by the Shanghai Biomedical Industrial Equity Investment Fund and Guangdong Chinese Medicine and Mass Health Fund.
Cardiosense, a wearable cardiovascular disease monitoring system, raised $15.1 million in Series A funding. Broadview Ventures and Hatteras Venture Partners led the investment round with participation from Laerdal Million Lives Fund, OSF Ventures, UnityPoint Health Ventures, and Portal Innovations.
