ActualMeds, a provider of web-based platforms to facilitate patient data collection and automate coordination of care for medication management in patients with chronic diseases, today announced it received a $200,000 investment from Connecticut Innovations (CI), the leading source of financing and ongoing support for Connecticut’s innovative, growing companies, and $200,000 from Vineyard Point Associates, a boutique investment firm specializing in healthcare, technology, consumer products and entertainment.
The investment, contingent on meeting identified milestones, will support technology, development, certification and patent costs for the company.
‘We are at a crucial point in our go-to-market activities and this investment will help us to complete certifications and legal filings, as well as support development and software costs,’ said Patricia Meisner, CEO of ActualMeds. ‘In addition to the funding, our investors also provide strategic relationships and counsel that will help us as we go to market with our service.’
ActualMeds relocated to Connecticut from Cambridge, Mass. and received an initial investment of $150,000 from CI in September, 2011.
‘ActualMeds has determined a clear market for their product and has designed a service that can reduce medical costs including hospitalizations and emergency room visits,’ said Peter Longo, senior managing director of investments at Connecticut Innovations. ‘The service systematically captures claims data, electronic health records and patient self-reported data on a single platform and allows users to reconcile medications as they transition through the health care system.’
‘There is a huge gap in the market for tools and services to assist clinicians in reconciling medications in particular for the elderly population,’ said Bob Leary, managing director of Vineyard Point Associates. ‘ActualMeds is the most sophisticated product offering in the market poised to make a dramatic difference in patient care.’
Headquartered in East Hartford, Conn., ActualMeds is a health care information technology company focused on providing web-based and mobile solutions to enable team-based medication management and reconciliation at the point of care. ActualMeds engages with large healthcare systems to demonstrate that the ability to conduct automated medication reconciliation in a variety of settings along the care continuum, which can help prevent hospitalizations and reduce re-admissions for chronically-ill patients. For more information, visit http://www.actualmeds.com.
About Connecticut Innovations Inc.
Connecticut Innovations (CI) is the leading source of financing and ongoing support for Connecticut’s innovative, growing companies. To maximize the growth potential of each business, CI tailors its solutions and often combines its funds with resources from other financial leaders to provide venture capital and strategic support for early-stage technology companies; flexible loans for established companies with new innovations; grants that support innovation and collaboration; and connections to its well-established network of partners and professionals. Through all these initiatives, CI has helped bring $4 billion in financing to Connecticut companies. The state’s most active early-stage investor, CI has created more than 26,000 jobs. For more information on CI, please visit http://www.ctinnovations.com.