A St. Petersburg health tech startup has closed a fundraising round of $5 million.
RxLive, which develops software for telepharmacy services and medication management, announced Tuesday that it has closed its Series A round led by venture capital firm SpringTide, with participation from Cardinal Health, one of the nation’s largest pharmaceutical and medical supply companies.
The round brings RxLive’s total fundraising to date to $8 million.
Launched in 2018, the company was building in local startup circles before that, participating in a Tampa Bay Wave startup accelerator in 2017. Its primary focus is medication mismanagement, with programs designed to identify patients at risk of not properly taking medications and to help pharmacists manage patients’ prescriptions. The company described this as a $500 billion problem in the pharmaceutical industry.
During the pandemic, as the demand for telehealth services exploded, RxLive also expanded its telepharmacy platform.
“For too long, the pharmacist has been seen simply as the person behind the drugstore counter where people pick up their prescriptions, not as a key piece of a patient’s care team,” RxLive co-founder and chief pharmacy officer Kristen Engelen said in a statement. “RxLive is putting clinical pharmacists back where they belong. We give patients the one-on-one medication expertise and attention they need to improve quality of life, and the technology and services health care organizations need to improve outcomes.”
The company pointed to a January study in the medical journal Telemedicine and e-Health that indicated telehealth services like RxLive offer measurable reductions in patients’ medical costs and hospital admissions.
“Medication mismanagement is a problem that is widely experienced, acutely felt, and poorly addressed by the market today,” SpringTide principal Brad Otto said in a statement. “RxLive addresses this $500 billion opportunity in a completely unique way.”
RxLive has 11 employees working out of an office building on First Avenue N in St. Petersburg’s EDGE District. With this latest funding, the company plans to add engineering, analytics, sales and marketing staff and continue making improvements on its software.