St. Petersburg health tech startup RxLive nets $5M funding

A St. Petersburg health tech startup has shut a fundraising round of $5 million.

RxLive, which develops program for telepharmacy providers and medicine management, announced Tuesday that it has closed its Collection A round led by enterprise cash agency SpringTide, with participation from Cardinal Well being, one of the nation’s premier pharmaceutical and clinical supply firms.

The spherical provides RxLive’s full fundraising to day to $8 million.

Launched in 2018, the corporation was constructing in area startup circles just before that, collaborating in a Tampa Bay Wave startup accelerator in 2017. Its major target is medication mismanagement, with programs built to determine patients at threat of not correctly using medicines and to aid pharmacists manage patients’ prescriptions. The corporation explained this as a $500 billion challenge in the pharmaceutical marketplace.

Throughout the pandemic, as the demand from customers for telehealth products and services exploded, RxLive also expanded its telepharmacy system.

“For too prolonged, the pharmacist has been found just as the individual powering the drugstore counter exactly where individuals decide on up their prescriptions, not as a vital piece of a patient’s care staff,” RxLive co-founder and chief pharmacy officer Kristen Engelen reported in a statement. “RxLive is putting scientific pharmacists again where by they belong. We give patients the a person-on-1 treatment expertise and attention they have to have to make improvements to quality of everyday living, and the engineering and solutions health care companies will need to increase outcomes.”

The firm pointed to a January analyze in the professional medical journal Telemedicine and e-Wellbeing that indicated telehealth providers like RxLive provide measurable reductions in patients’ healthcare expenses and healthcare facility admissions.

“Medication mismanagement is a difficulty that is widely professional, acutely felt, and poorly dealt with by the current market these days,” SpringTide principal Brad Otto said in a statement. “RxLive addresses this $500 billion option in a fully distinctive way.”

RxLive has 11 workers operating out of an office building on First Avenue N in St. Petersburg’s EDGE District. With this most recent funding, the enterprise designs to add engineering, analytics, profits and promoting staff members and carry on earning improvements on its software program.