Hikma Pharmaceuticals PLC today announced its venture capital arm Hikma Ventures has participated in an $11 million financing round for Boston-based Pillo Health.
The Series A round, led by Stanley Black & Decker's corporate venture capital arm with participation from Samsung Ventures and existing investors BioAdvance, Hackensack Meridian Health System's Innovation Center Fund and Civilization Ventures, will be used to drive growth and innovation as Pillo Health builds out its voice-enabled medication and care management platform for home use.
"Our investment in Pillo Health underscores our deep commitment to developing innovative healthcare technology solutions that will put better health within reach for more patients around the world," said Lana Ghanem, Managing Director Hikma Ventures. "Non-adherence to medication is a universal issue especially for patients with comorbidities. We are excited about Pillo's technology that helps patients adhere to their medication regimens at home and its potential outside the US, especially in the Middle East and North Africa."
Six in ten Americans live with at least one chronic condition, a leading driver of healthcare costs across the country. In the US, patients who do not take medications as prescribed experience a higher mortality rate and contribute to approximately $289 billion in wasted healthcare costs annually.
Pillo Health offers partner organizations an engaging in-home interface and HIPAA-compliant technology platform to create customized voice-first health and wellness experiences; empowering them to deliver better care into the home, enhancing patient connections to their care teams, and aligning with the growing trend of voice-enabled technologies in the healthcare industry.
"This additional funding and ongoing investments from partners such as Hikma Ventures, will allow us to fulfil our mission of revolutionizing the way that healthcare is delivered to patients at home," commented James Wyman, Co-founder and COO of Pillo Health.
Hikma helps put better health within reach every day for millions of people in more than 50 countries around the world. For more than 40 years, we've been creating high-quality medicines and making them accessible to the people who need them. Headquartered in the UK, we're a global company with a local presence across the United States (US), the Middle East and North Africa (MENA) and Europe, and we use our unique insight and expertise to transform cutting-edge science into innovative solutions that transform people's lives. We're committed to our customers, and the people they care for, and by thinking creatively and acting practically, we provide them with a broad range of branded and non-branded generic medicines. Together, our 8,400 colleagues are helping to shape a healthier world that enriches all our communities. We are a leading licensing partner in the MENA region, and through our venture capital arm, are helping bring innovative health technologies to people around the world.
For more information, please visit www.hikma.com.
About Hikma Ventures
Founded in August 2015, Hikma Ventures operates as the corporate venture capital arm of Hikma. Hikma Ventures invests in global start-ups where Hikma's expertise can accelerate revenue growth and enhance value creation by providing ventures with access to the resources of a multinational pharmaceutical company.
For more information, please visit: www.hikmaventures.com
About Pillo Health
Pillo Health is a mission-based healthcare solutions provider that empowers organizations to deliver better care into the home with an engaging, HIPAA-compliant, voice-first technology platform dedicated to improving health outcomes. Based in Boston, MA, Pillo Health, developer of both Pillo and Pria™ by BLACK+DECKER, supports connections between health organizations, patients and their care teams in order to improve the longevity and quality of life for those managing their health and independence at home. Learn more at https://www.pillohealth.com
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