Originally published by Business Wire on February 14, 2023
LOS ANGELES--(BUSINESS WIRE)--MDI Health, an AI-powered platform that automates the optimization of personalized medication treatment, at scale, has raised $20 million in Series A funding led by Intel Capital with participation from Maverick Ventures Israel and existing investors Hanaco Ventures, Welltech Ventures, Arc Impact, Basad Ventures, Fresh.Fund, Jumpspeed Ventures and former SVP of Optum Richard Montwill. MDI Health is equipping clinicians with the technology they need to prevent adverse drug reactions, which are the fourth leading cause of death in the U.S.*, resulting in over 270,000 deaths each year.**
“MDI Health is driven by our mission to help end the preventable suffering of patients caused by an outdated one-size-fits-all approach to medication treatment”Tweet this
Current medication management solutions are largely alert-based, focusing on drug interactions and requiring laborious processes. Whereas, MDI Health's AI medication management platform is autonomous and hyper-personalized. It analyzes thousands of influencing factors to identify medication-related risks - and provides a recommendation to mitigate such risks - in a matter of minutes instead of hours, driving significant cost savings and improved health outcomes at scale.
“MDI Health is driven by our mission to help end the preventable suffering of patients caused by an outdated one-size-fits-all approach to medication treatment,” said Avishai Ben-Tovim, CEO and co-founder of MDI Health. “The ongoing support and new funding from our investors equips us with the fuel we need to accelerate that mission.”
“With more patients and less staff, clinicians’ mission to deliver exceptional care has limitations. Clinicians are forced to make a judgment call when treating patients, leading to unnecessary medications, clinic visits, hospitalizations, and readmissions,” said Roi Bar-Kat, Intel Capital Managing Director, Israel Country Manager. “MDI Health’s technology is a game changer for health plans and value-based providers, helping them deliver ‘whole’ person medication management, at scale - saving costs, and most importantly saving patients’ lives.”
“Medication management is one of the most pressing issues facing healthcare today, with patient care costs and quality on the line,” said Richard L. Boals, MDI Health board member and investor and former CEO of Blue Cross Blue Shield of Arizona. “MDI Health’s AI platform is addressing this issue head on at-scale by working directly with payers to lower costs and improve quality for their members.”
The Series A funding — which brings the company’s total financing to $26 million — will allow MDI Health to meet rising customer demand and scale its U.S. and Israeli R&D teams to drive product development. As part of the fundraise, Intel Capital Investment Director Yoni Greifman will join MDI Health’s board of directors.
About MDI Health
MDI Health was founded in 2019 to combat the increasing number of deaths and costs associated with adverse drug events. MDI’s end-to-end medication treatment platform empowers clinicians to provide comprehensive medication reviews in minutes instead of hours. The solution checks, in real time, for personalized medication related risk events, ensures patients have the exact medications they need, and enables health payers, providers and pharmacies to improve patient outcomes, medication safety, and hospitalization rates, which collectively cost $528B in the US every year.
*Center for Drug Evaluation, and Research (2021). Preventable Adverse Drug Reactions: A Focus on Drug Interactions. U.S. Food and Drug Administration
**Viswanathan M, Golin CE, Jones CD, et al. Interventions to improve adherence to self-administered medications for chronic diseases in the United States: a systematic review. Ann Intern Med. 2012;157(11):785-95