PharmaSecure gets $3.9M from ex-Google CEO

Tuesday, October 25, 2011

PharmaSecure announced this week a $3.9 million investment round led by ex-Google CEO Eric Schmidt’s Innovation Endeavors. Other investors included Gray Ghost Ventures, Healthtech Capital and the TEEC Angel Fund. Healthtech Capital lead a $200,000 investment round for PharmaSecure in September.

In a post for MobiHealthNews in May, Healthtech founder Don Ross singled out Eric Schmidt when writing about health tech as the next big VC opportunity, writing that “at the recent J.P. Morgan Annual Healthcare Conference in San Francisco… panelists included Eric Schmidt, Google’s then-CEO, and other technologists not typically associated with health care.”

PharmaSecure uses SMS to verify a prescription drug’s authenticity, using a unique code and phone number printed on a pill bottle’s label. One of the startup’s competitors is Sproxil, which partnered with GlaxoSmithKline in May.

Source: MobiHealthNews (link opens in a new window)