Popit company news

Popit Raises €1.2M Seed Financing To Quantify Medication

Butterfly Ventures as the lead investor, funding used for bringing product to market

Helsinki, Finland, August 23rd 2017Popit, a Finnish startup focusing on medical technology solutions, has raised over €1.2M ($1.4M) in seed financing. The capital was raised from Butterfly Ventures with participation from six private investors and Tekes, the Finnish Funding Agency for Innovation. The funding consists of an investment and a loan, and will be used for bringing the pioneering device Popit Sense to market.

Popit Sense

Popit Sense

Popit Sense tackles medical adherence, a problem that needlessly burdens the healthcare system and leads to lives lost. The small easy-to-use device attaches to a regular pill sheet where it automatically detects with patented technology when a pill has been popped. This information is sent onto a free app that supports the treatment by tracking medication effectiveness, remaining pills and medication usage patterns. It also reminds the user or a loved one if a pill has been forgotten.

Teemu Piirainen, Popit’s CEO: “The investment will enable us to pursue our vision of quantifying medication. Like step counters track activity, we track pills and support the patient in staying on track with medical treatment. This kind of technology hasn’t been available before and it opens up exciting new possibilities. For example, caregivers to their parents will be able to see from the mobile phone if mom or dad has taken the medication. Likewise, patients will be able to see how taking medication has had an impact on wellbeing.”

Juho Risku, co-founder and partner at Butterfly Ventures explains why they invested in Popit: “The cost impact of patients not taking pills that come in blister packs is well over 100 billion dollars annually. Vast majority of these costs could be avoided by improving medication adherence. Popit’s product tackles the problem in an intuitive way. The team has done excellent and systematic work in unraveling this complex issue and I firmly believe Popit is going to take a significant share of the adherence market.

The solution will be first available for the 100 million birth control pill users. For this purpose Popit is preparing to launch a crowdfunding campaign in November. The company also sees tremendous untapped opportunity in supporting patients on chronic disease medications, where a staggering 50% of patients are not taking their medications as prescribed.

The smart pill reminder solution will be available in Q2 2018.

About Popit:

Popit is a pioneer in improving patient adherence through smart consumer devices. The Company is dedicated to improving adherence by digitizing medicine, a major opportunity that offers benefits for pharmaceutical companies and consumers alike. Popit is planning to expand support to other major medication groups like hypertension, cholesterol, type 2 diabetes and migraine pills, which combined have an addressable market of over 1 billion users. For more information like videos and product images, please visit popit.io.

Media contact:  Teemu Piirainen, CEO
Phone: +358 44 222 6666
Email: teemu ät popit.io
Web: popit.io
Twitter: https://twitter.com/popitmed
Facebook: https://www.facebook.com/popitmed
Youtube: Popit Smart Pill Reminder

Popit Among Top-5 in EU eHealth Competition

Popit has qualified to be among the top-5 startups in this year’s EU eHealth Competition. The competition is held in Barcelona in conjunction with the Health2.0 event.

“Europe is currently a hotbed for digital health innovation and getting to the finals past all the competition was very difficult! Popit has an innovative solution with major impact, both of which were key criteria for the jury when deciding finalists”, says Teemu Piirainen, CEO of Popit.

The competition winners will be announced on May 3rd.

Related articles

Popit participated in the unique Tahko Ski Lift Pitch event on April 21st 2017

Popit participated in the unique Tahko Ski Lift Pitch event on April 21st. The competition was arranged at the Tahko ski resort and started off with a 3 minute pitch battle, taking place on a ski lift. Coming out victorious from the 1st round, we made it into the finals and eventually the top-6 out of 30 great startups.

M.D. Janne Sahlman, Popit’s Chief Medical officer and co-founder sheds some light into the intricacies of the competition: “It was a welcome change to pitch outdoors! It is always a challenge to describe our disruptive solution in a brief manner, but having no slides made it especially interesting. The positive feedback and recognition pushes us forward.”

The Finnish National Broadcaster YLE also was there. You can see a clip here: http://areena.yle.fi/1-4121072 (Popit appears at 0:31).

Meet us at TNW Conference on May 18-19!

Popit has been selected to participate at the TNW Conference in Amsterdam on May 18-19.

TNW is one of the biggest events for technology startups in Europe. The two-day event draws more than 15,000 attendees.

“TNW Conference is a very appropriate venue to showcase our recent achievements, and also a milestone for us as a team. We’ve gone from an idea to piloting with a major hospital in a very short time. In TNW Conference we will have exciting news to share about how our product works in a challenging clinical setting. Finally there will be a reliable solution for remembering and automatically tracking prescribed pills”, says Popit Medical Technologies’ CEO Teemu Piirainen.

Drop by our booth to say hello!

 

Popit Among Top-20 In Accenture HealthTech Innovation Challenge

We’re proud to announce that Popit was chosen as a top-20 startup in the Accenture HealthTech Innovation Challenge!

The jury consists of health industry experts and leaders from BUPA, Shire, Pfizer, Novartis, Eli Lilly, UCB, to name a few.

The competition received over 500 high-quality entries from all over the world and the finals will be in San Francisco on Jan 9th, 2017.

Teemu Piirainen, CEO of Popit Medical Technologies says that this is an achievement that highlights the innovativeness of Popit Sense. “There is no other similar solution on the market to track medication in push-through packages, also known as blister packs”

“Companies in healthcare understand the benefit of being able to boost medication adherence with a reusable, cost-efficient, and universally compatible device. Apps alone simply do not achieve a level of retention that would be meaningful”, says Piirainen.

Wish us luck!

 

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Popit Chosen For Web Summit

Popit has been chosen as an Alpha Startup for this year’s Web Summit.

Web Summit is one of the most influential events for technology startups in Europe. The three-day event draws more than 50,000 attendees and 1,500 startups. This year the event will be held in Lisbon, Portugal.

“This year Web Summit will be bigger than ever and we are proud to be chosen as an Alpha Startup. For us this is yet another milestone on our journey towards digitizing medicine”, says Popit Medical Technologies’ CEO Teemu Piirainen.

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Popit introduces a smart birth control pill reminder and starts pilot

The pill reminder solves a problem over 80% of women on the pill have.

Helsinki, Finland, May 9th 2016Popit Medical Technologies, a Finnish startup focusing on medical technology solutions, introduces a smart pill reminder device called Popit Sense for the over 100 million women on the birth control pill. The pioneering device solves a problem over 80% of women using the pill have – how to reliably remember to take your pill each and every day.

The small easy-to-use device attaches to the birth control pill sheet and automatically detects when a pill has been popped. This information is collected into an app that allows tracking of birth control effectiveness, remaining pills, and patterns concerning contraceptive use. It also reminds the user if it looks like a pill might be forgotten, making needless alerts a thing of the past.

Teemu Piirainen, Popit Medical Technologies’ CEO highlights the profound impact of such a device on medical adherence, an issue that’s responsible for hundreds of billions in annual productivity losses globally: “We are on a mission to digitize medicine and are starting by supporting the birth control pill users. Our research shows over 80% of women on the birth control pill have forgotten to take it at least once during the last year and over 40% rely on their memory alone. Many people don’t know it, but the typical birth control pill use with occasional forgetfulness raises the risk of unintended pregnancy from less than 1% all the way to 9%.”

This means one million unintended pregnancies occur every year as a result of poor adherence in the US alone. Additionally the forgetfulness causes anxiety and needless stress. With a battery life of 12 months, Popit Sense requires minimal attention but still helps maintain maximal birth control efficiency. Its small size makes it discreet, and the built-in intelligence combined with proprietary technology ensures pills are never forgotten again.

Popit Medical Technologies also sees tremendous untapped opportunity in reminding the users of chronic disease medication, such as hypertension and type II diabetes, to take all prescribed pills. The solution also offers unprecedented information in near-real-time on how pills are actually taken. This previously inaccessible data is especially interesting to the pharmaceutical industry.

While the smart pill reminder will be available in Q4 2016, Popit Medical Technologies is preparing to launch a crowdfunding campaign this summer and are right now starting a pilot with test users to make the device and app perfect. It is still possible to sign up for the pilot by contacting the company through their web page, www.popit.io.

About Popit Medical Technologies:

Popit is a pioneer in improving patient adherence through smart consumer devices. The Company is dedicated to improving adherence by digitizing medicine, a major opportunity that offers benefits for pharmaceutical companies and consumers alike. Popit is planning to expand support to other major medication groups like hypertension, cholesterol and allergy, which combined have an addressable market of over 1 billion users. For more information like videos and product images, please visit popit.io.

 

Media contact:
Teemu Piirainen, CEO
+358 44 222 6666
teemu[at]popit.io
popit.io

Twitter: https://twitter.com/popitmed
Facebook: https://www.facebook.com/popitmed
Youtube: Popit Smart Pill Reminder

Link to press kit: Download zip file

Info graph: How women use birth control pills