AiCure Secures $24.5M Series C Funding to Advance AI-Powered Medication Adherence Platform

VCBeat (WeChat ID: vcbeat) learned from foreign media that on November 7, 2019, local time, artificial intelligence company AiCure announced the completion of a $24.5 million Series C financing round. The round was led by Palisades Growth Capital (PGC), with participation from new investors Singtel Innov8, Asahi Kasei Corporation, Acceled Growth Partners, and SpringRock Ventures, as well as existing investors Baird Capital, New Leaf Venture Partners, Pritzker Group, Biomatics Capital, Tribeca Venture Partners, and Silicon Valley Bank.

Prior to securing institutional funding, AiCure had received a $7 million grant from the National Institutes of Health (NIH), which enabled it to make substantial progress in both technology and commercialization. Following this latest round of financing, AiCure’s total funding has approached $52 million. Previously, the company completed a $12.25 million Series A financing in 2016 and a $15 million Series B financing in 2017.

Founded in 2010 and headquartered in New York, USA, AiCure is an AI and advanced data analytics company serving the healthcare industry, holding over 100 patents across 25 countries worldwide. AiCure is pioneering a new suite of tools to help researchers and clinicians understand and predict patient responses to treatment. Its proprietary intelligent software platform captures and analyzes video, audio, and behavioral data to establish direct correlations among patients, diseases, and treatments.

The platform operates by using the camera on a tablet or smartphone to capture physiological data points related to the patient's facial expressiveness, psychomotor activity, and cognitive function during medication intake. An artificial intelligence system then analyzes the camera data to ensure proper medication adherence, issuing alerts if the patient fails to take the medication or does so incorrectly.

Adam Hanina, CEO of AiCure, stated, “Since our founding in 2010, we have been dedicated to developing AI software to observe and analyze patient responses to treatment. We are pleased to welcome new investors, which further validates our rapid growth, scientific integrity, and ability to respond to the needs of the global life sciences customer market.”

PGC Partner Jeff Anderson stated, “We are delighted to lead the investment in AiCure, a true growth leader that helps the pharmaceutical industry develop better drugs.”

Palisades Growth Capital is a Los Angeles-based private equity fund dedicated to investing in growth-stage software and technology companies.

Singtel Innov8, established in 2010, is the venture capital arm of the Singtel Group. Headquartered in Central Singapore, with offices in San Francisco and Tel Aviv, it manages a fund size of $250 million.

SpringRock Ventures, established in 2012, is a venture capital firm headquartered in Washington, D.C., USA. The company focuses on investments in healthcare, digital health, SaaS, and oral health.

Baird Capital, established in 1919, is a seasoned venture capital firm headquartered in London, UK. It specializes in venture capital investments across early-stage startups, late-stage ventures, and debt financing.

New Leaf Venture Partners, established in 2005 and headquartered in New York, USA, is a venture capital firm dedicated to investing in medical technology companies, with a focus on late-stage biopharmaceutical products, early-stage medical devices, and laboratory infrastructure.

(Compiled by He Li)