Venture Capital News: Pillo Health Raises $11M in Series A Funding
BOSTON, MA, Company improving longevity and quality of life for patients managing their health at home, has secured $11M in funding.
Pillo Health, a Boston-based technology company improving longevity and quality of life for patients managing their health at home, today announced that is has secured $11 million in funding from leading venture investors to complete its Series-A round. The capital will be used to drive growth and innovation as Pillo Health builds out its voice-enabled medication and care management platform for the home.
Six in ten Americans live with at least one chronic condition, a leading driver of healthcare costs across the country. Medication non-adherence amounts up to $289 billion in wasted costs annually and leads to a higher mortality rate in the United States. Pillo Health offers partner organizations an engaging in-home interface and HIPAA-compliant technology platform to create customized voice-first health and wellness experiences; empowering them to deliver better care into the home, enhancing patient connections to their care teams, and aligning with the growing trend of voice-enabled technologies in the healthcare industry.
This round of funding was led by Stanley Black & Decker's corporate venture capital arm with significant participation from Samsung Ventures. Existing investors, including BioAdvance, Hikma Ventures - the corporate venture capital arm of Hikma Pharmaceuticals PLC (LSE:HIK) - Hackensack Meridien Health System's Innovation Center Fund and Civilization Ventures, also participated. Pillo Health will use the funds to continue development of its HIPAA-compliant technology platform and to develop additional voice-first experiences for partners to deliver digital health solutions into the home. The company is also currently hiring in its Boston, MA and Genoa, Italy offices.
"We look forward to the continued evolution of the Pillo Health platform as we work with organizations addressing the management of chronic conditions for patients at home," said Emanuele Musini, Co-founder and CEO of Pillo Health. "Stanley Black & Decker and Samsung have made a strong commitment to the health and wellness of millions of Americans looking to remain independent longer, with a focus on tailoring voice-first technologies for their customers and revolutionizing the way healthcare is delivered into the home."
Pillo Health and Stanley Black & Decker are also jointly launching Pria by BLACK+DECKER in the U.S. later this year. Pria is powered by the Pillo Health platform and will be available for consumers to purchase in late summer online, with additional distribution channels to follow.
Larry Harper, Vice President of Stanley Ventures, stated that "Pillo and Pria represent an important and growing strategic focus for our organization as we continue to find ways to help seniors age in place at home and enjoy their later years in familiar surroundings. The partnership between Pillo Health and Stanley Black & Decker is strong, and together we expect to have a large impact on the senior healthcare market with more innovations on the horizon."
To learn more about Pillo Health, visit www.pillohealth.com.
About Pillo Health
Pillo Health is a mission-based healthcare solutions provider that empowers organizations to deliver better care into the home with an engaging, HIPAA-compliant, voice-first technology platform dedicated to improving health outcomes. Based in Boston, MA, Pillo Health, developer of both Pillo and Pria by BLACK+DECKER, supports connections between health organizations, patients and their care teams in order to improve the longevity and quality of life for those managing their health and independence at home. Learn more at https://www.pillohealth.com/.
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