MedAware, which uses algorithms to detect and eliminate prescription errors, said the company has raised $8 million in Series A funding.
MedAware, an Israeli company with North American headquarters in Stamford, intends to use the funding, in part, to develop additional machine learning-enabled decision support solutions and make ongoing product improvements to cover more catastrophic types of errors. Other 2017 priorities include further establishing its North American footprint and expanding its number of electronic medical record (EMR) integrations in the U.S.
MedAware also has received grants from Israel's Innovation Authority, among others, bringing the company's total funding raised to date to $12 million.
The capital will be used to advance the company's approach to identifying the most consequential medication mistakes to improve patient safety.
About 8 million people in the U.S. face serious and preventable prescription errors each year, the company said. MedAware's software performs a real-time evaluation of a prescribed drug against a specific and up-to-date patient profile. The company's machine-learning algorithms mine data gathered from millions of electronic medical records to detect outliers in prescription behavior that could potentially be fatal and immediately flag them as life threatening.
Source: Hartford Business