Pharmapod, an Irish software company that has developed a cloud-based platform to reduce medication errors for patients, is near to closing a €3.5 million funding round and has appointed a new managing director.
The former chief executive of Cork-based healthtech company KM Medical, Andy O’Donoghue, has joined the fast-growing company, with founder and chief executive Leonora O’Brien retaining her role as Pharmapod looks to take advantage of new opportunities.
Founded by Ms O’Brien in 2012, Pharmapod has created a secure application that enables pharmacists to record and share medication-related incidents. Medical mistakes cost as much as $42 billion (¤37.7 billion) globally a year, according to the World Health Organisation.
Dublin-based Focus Capital is managing the new funding round, which when completed would bring total funds raised to date by the company to over €7 million. The financing will be used to expand into new markets and to nearly double headcount to 50.
Among the investors so far are high net-worth individuals whose backgrounds are in data, technology and healthcare.
“These are all people who will add value and help us as we go into our hyper-growth stage,” said Ms O’Brien.
Pharmapod, which is launching in Australia and New Zealand later this year, recently secured it first customers in the US after being listed as a federal patient safety organisation. This is an accreditation which means that any data the company holds on patients can be held from disclosure, something which Ms O’Brien said is necessary given the high level of litigation in the US.
Pharmapod also has an agreement with the International Pharmacy Federation, which represents over four million pharmacists globally, to scale the Pharmapod platform internationally.