Popit counts on a future that makes Sense
Finnish healthtech solutions startup Popit has raised over 1.2 million euros in seed financing, in order to bring its pioneering solution to market.
The capital boost comes from Butterfly Ventures, along with a sextet of private investors and Tekes, the Finnish Funding Agency for Innovation. The funding will be used for bringing the pioneering device Popit Sense to market.
The Popit Sense device utilises patented technology to automatically detect when a pill has been popped. After it has been attached to a regular pill sheet, information is then sent to a free app that tracks medication effectiveness, remaining pills and medication usage patterns.
“Like step counters track activity, we track pills and support the patient in staying on track with medical treatment,” says Popit CEO Teemu Piirainen, in a press release. “This kind of technology hasn’t been available before and it opens up exciting new possibilities. For example, caregivers to their parents will be able to see from the mobile phone if mom or dad has taken the medication. Likewise, patients will be able to see how taking medication has had an impact on wellbeing.”
Juho Risku, co-founder and partner at Butterfly Ventures estimates that the global cost impact of patients not taking pills that come in blister packs is well over 100 billion dollars annually.
“The cast majority of these costs could be avoided by improving medication adherence,” he states. “Popit’s product tackles the problem in an intuitive way. The team has done excellent and systematic work in unraveling this complex issue and I firmly believe Popit is going to take a significant share of the adherence market.
Popit Sense will be available in Q2 2018.