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2016 New Ventures BC Finalist CuePath Innovation Closes USD $1.8 Million Oversubscribed Seed Round, Appoints Board
Friday, November 17, 2017Company Profile | Follow Company
Vancouver, BC, November 17, 2017--(T-Net)--CuePath Innovation Inc. announced that the Company has closed its Seed Round, oversubscribed at USD $1.8 million ($2.28 million CDN).
This includes a concurrent investment from Genome BC's Industry Innovation Program (I2) Fund; seed funds E-Fund and Canada Innovation Acceleration Investment; and a group of technology, healthcare, and social impact Angel investors.
CuePath is a healthcare technology company that solves the problem of medication non-adherence with smart medication packaging and remote medication monitoring.
Two thirds of North American seniors have at least two chronic conditions, forcing them to take multiple medications on a daily basis. Keeping track of medication dosages and timing throughout the day is a difficult task for many people resulting in medication non-adherence in nearly 50 percent of patients, 125,000 unnecessary deaths annually, and nearly $100B in avoidable costs to the US healthcare system.
CuePath has developed sensors for medication packaging and a connectivity platform that enables family members and care professionals to ensure their loved ones stay on track with medication. The product is simple-to-use because it converts existing medication packaging such as blister packs into smart packs, reminds patients to take medication on time, and enables caregivers, pharmacists and other trusted healthcare providers with the ability to remotely monitor a patient's adherence.
When a blister pack pill is not released within a prescribed dosing time, an SMS text message is triggered by the sensor embedded in the pack. The SMS alert can be sent to the family and/or care-giver via the cloud. The pack's sensor can also emit an audio reminder alert to the patient to take their medication. The patient is not required to use a smart phone or any computer. Installation at home simply requires plugging in CuePath's Hub. There is no change to the patient's use of the blister pack or their refilling pattern with a pharmacy or a caregiver.
“With this financing, the Company will be able to complete our user trials, ramp up manufacturing, and expand our market entry into pharmacies and health systems throughout North America,” said Victor Lesau, CuePath CEO.
Victor Lesau, CuePath CEO
“I am also very pleased to announce that Angel investors Ms. Jennifer Thompson and Mr. Kirk Moir have joined our Board, together bringing years of technology executive and operations experience to the Company. We are very much looking forward to this next stage of the Company's development.”
About CuePath
CuePath is a Vancouver-based healthcare technology company on a mission to help seniors and other vulnerable individuals stay healthy and independent with the support of their care team. We aim to provide care professionals with timely and accurate information needed to support users with their medication adherence. CuePath is a 2017 Techstars Seattle graduate, and a Top 10 finalist in the 2016 New Ventures BC competition.
Contact
Victor Lesau
CuePath CEO
E-mail: press@cuepath.io
Phone: 1-888-877-2848
Twitter: @cuepath
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