Pillo Health, maker of conversational devices and platforms for medication adherence, has closed a $11 million Series A round led by Stanley Black & Decker’s Stanley Ventures with “significant participation” from Samsung Ventures. Existing backers BioAdvance, Hikma Ventures, Hackensack Meridien Health System’s Innovation Center Fund and Civilization Ventures also took part in the funding.
WHAT THEY DO
Pillo Health’s lead product is the eponymous Pillo, a countertop artificial intelligence device that uses voice to engage users and remind them to take medications. Designed for older patients with chronic diseases or complex care plans, the tool can store, dispense and reorder up to 28 doses of medication on a pre-set schedule. In addition, Pillo can deliver audio- or video-based health content and facilitate video calls between patients and their caregivers, while allowing the latter to monitor adherence data generated from the device.
Pillo became available for consumer purchase last December at a price of $499. More recently the company unveiled another version of its product called Pria by Black + Decker that includes new features such as fall detection and an independent backend and mobile application. In addition, Pillo Health also provides partners with “customized voice-first health and wellness experiences” that can be deployed in the patient’s home, according to the funding announcement.
WHAT IT’S FOR
Pillo Health will continue to develop its technology platform, build new voice-based healthcare products for its various partners, support the upcoming US launch of Pria by Black + Decker and hire new employees for its Boston and Genoa, Italy offices.
MARKET SNAPSHOT
Healthcare technology has long targeted medication adherence as an area of opportunity. As such, Pillo’s competitors in the consumer and caretaker space take a multitude of form factors — from rival connected countertop dispenser Hero to various smartphone reminder apps and smart pill packaging products.
ON THE RECORD
"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,” Larry Harper, VP of Stanley Ventures, said in a statement. “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."
