South African Pharmacy Temperature Monitoring PharmaScout has secured Series A funding from Knife Capital to accelerate its product development and develop new products for the international market.
PharmaScout, a single point solution developed by Cape Town Internet Based Things (IoT) 5nines Technologies launched, helps health professionals to mitigate legal risk and meet the safety and quality standards of stored temperature sensitive pharmaceuticals.
It has been funded by an angel so far, but has now received an unpublished Series A funding round Knife Capital, a venture capital firm with offices in Cape Town and London. Knife Capital invests through a consortium of finance partnerships, including SARS 12J Venture Capital Company KNF Ventures, and selects family offices.
Funding will be used to speed up the promotion of products to pharmacies, doctors and pharmaceutical stores and will foster the development of new products for the international market.
PharmaScout has already acquired a major attraction with blue chip customers, such as Clicks and Alpha Pharm, while pilots with local hospital teams. It has also launched R & D activities to provide cold-management products for retail, restaurant and hospitality industries.
"There are few pharmaceutical quality and safety issues that are more important than those relating to the storage and handling of temperature-sensitive products. PharmaScout and its associated product package provide the most convenient and cost-effective way to deal with professional liability and legal burdens the compliance of temperature monitoring in South Africa, "said Doug Siepman, 5-day CEO and co-founder.
"We are delighted to be working with Knife Capital at this stage of our development trip, bringing the rich experience and market access to the business we are already beginning to hit."
Keet van Zyl, investment partner at Knife, said PharmaScout was an exciting investment opportunity.
"It contains all the information we look for in a holding company. There is an exciting investment case backed by recurring revenues, great people with execution capabilities that result in proven attractiveness and intellectual property that make technology expandable," he said.
"Macroeconomic factors in the industry, such as increased legislation and controlled but affordable medical compliance standards, also play the advantage of PharmaScout."