COLUMBIA, S.C.--(BUSINESS WIRE)--SCRA Technology Ventures’ SC Launch board approved a first round investment in two South Carolina companies at last week’s board meeting in Columbia. PharmRight, located in Charleston, S.C. and TriCap, located in Bluffton, S.C., each received approvals. These are the first rounds of SC Launch funding for both companies.
Founded in 2013, PharmRight provides products and services that maximize medication adherence for patients who are managing a complex regimen of pharmaceuticals and supplements. The company has developed PharmMateTM – an automated medication dispensing appliance for in-home use. The company’s software suite and cloud computing applications monitor and report medication compliance to caregivers via the web and on mobile devices.
TriCap is a technology-enabled financial services firm that designed and operates the ARxChange, a trading platform that allows health-systems to value, segment by risk and sell or secure guarantees returns for medical receivables to realize near-term liquidity. With billions in listings, the ARxChange exchange is the nation’s only medical receivables marketplace of its kind.
“We are delighted to welcome PharmRight and TriCap to the SC Launch program,” said SCRA CEO Bill Mahoney. “These investments show our continued commitment to growing South Carolina’s Knowledge Economy. We look forward to future successes and continued partnerships with these innovative companies.”
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 $79 million in funding and infrastructure to support over 280 high-tech, early-stage enterprises and has directly invested nearly $18 million in South Carolina start-ups, attracting over $260 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.