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August 26, 2016

Mint Solutions raises 5 mln euro’s to expand markets for MedEye

Dutch – Icelandic ehealth startup Mint Solutions has closed a €5 million ($5.6 million) Series B funding round for its medicine-scanning device, MedEye. This system is designed to reduce errors when medicines are given to patients, such as the wrong tablets or dosage.

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According to Mint Solutions, one in every five times medication is given to patients, an error is made. In hospitals where MedEye is used, on average several hundred medication errors are stopped in the first weeks alone.

The scanning device uses computer vision algorithms to identify pills that are about to be given to a patient. MedEye is integrated with the hospital’s existing workflow and IT infrastructure to cross-reference that scan data with a patient’s prescription information. The medication is placed into the scanning drawer on the device for identification.

The MedEye system use external cameras and barcode scanners for verifying non-solid medicines, such as liquids, or other medicines not in its pill database. Several Dutch hospitals already use the MedEye system. With the additional funds Mint wants to expand its reach to more hospitals in the Netherlands but also to other countries.

EO Gauti Reynisson says Belgium and the UK are possible markets for expansion outside its home territory. It’s also looking at moving into ‘adjacent markets’, such as care homes. MedEye started out as a hardware based system, but now also offers a SaaS model, for example offering analytics to help hospitals spot internal problems with administration or dispensing of medicines.

“MedEye has grown from being a tool to check and verify all solid oral medications, into becoming a complete medication verification system that handles all medications and various different workflows for e.g. double verification of high risk medications,"  Reynisson  told TechCrunch.

The Series B funding was led by Brabant Development Agency (BOM Capital) and existing shareholders LSP (Life Sciences Partners), investing via its LSP Health Economics Fund, and Seventure Partners. Other existing investors, including NSA Ventures and a number of private Icelandic investors, also participated in the round.

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