Digital Pharmacist Raises $6.5 Million

Digital Pharmacist announced Tuesday that it has closed on a $6.5 million round of financing.

Activate Venture Partners, based in New York, and LiveOak Venture Partners in Austin led the Series B financing round. The Austin-based startup plans to use the money on marketing and product development.

Digital Pharmacist, founded in 2012, provides digital, communications and other services for 6,000 pharmacies, national pharmacy wholesalers, hospital systems and pharmaceutical brands. The company, previously known as RxWiki, merged with TeleManager Technologies, a communications solutions company based in Newark, New Jersey, earlier this year and rebranded as Digital Pharmacist.

Last week, Digital Pharmacist was one of the 17 companies that made the Austin Chamber’s 2017 Austin A-List of the Hottest Startups. It won in the growth or mid-stage category.

“Seventy-five percent of patients want to manage their health provider relationships via their mobile device. Our solutions help pharmacies meet these patient demands,” Chris Loughlin, chief executive officer said in a news release. “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,” Todd Pietri, Managing Partner, Activate Venture Partners, said in a news release. “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,” Krishna Srinivasan, General Partner at LiveOak Venture Partners, said in a news release. “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.”

#URLinkedUp Austin technology Archives – SiliconHills http://www.siliconhillsnews.com/2017/06/06/digital-pharmacist-raises-6-5-million/

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