SCRA Technology Ventures' SC Launch program today announced the closing
of an investment in PharmRight Corporation. Approved
by the SC Launch Board of Directors in May, this is the first round of
SC Launch funding for the company.
The Charleston-based healthcare technology company provides products and
services that maximize medication adherence for patients who are
managing a complex regimen of pharmaceuticals and supplements. Founded
in 2013, PharmRight developed PharmMateTM - an automated
medication dispensing appliance for in-home use. The company's software
suite and cloud computing applications moitor and report medication
compliance to caregivers via the web and on mobile devices.
"We are delighted to announce this investment in PharmRight," said SCRA
CEO Bill Mahoney. "Investments like these help us fulfill our mission to
grow South Carolina's Knowledge Economy. We look forward to a successful
partnership and many future successes for PharmRight."
SCRA Technology Ventures helps innovative companies grow and develop new
technologies, creating jobs and advancing the Knowledge Economy
throughout South Carolina. This SCRA business sector provides support
and mentoring program to early stage, start-up technology companies
through its flagship SC Launch. Since 2006, SCRA has deployed over $81
million in funding and infrastructure to support over 290 high-tech,
early-stage enterprises and has directly invested over $18 million in
South Carolina start-ups, attracting over $301 million in private
investment. SCRA Technology Ventures also supports commercialization and
growth by facilitating the transfer of intellectual property and
accelerating the transition of inventions to the marketplace.
Multiple economic impact studies show SCRA's cumulative output on South
Carolina's economy to be over $16.6 billion, and that the company has
helped create approximately 15,000 technology-related jobs in the state,
with annual wages averaging between $55,000 and $77,000.
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