CHARLESTON, S.C.--(BUSINESS WIRE)--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 monitor 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.