iethico, a Harrogate, UK-based startup that provides a pharmaceutical sourcing solution, announced that it secured £625,000 in funding.
The investment was from the Midlands Engine Investment Fund (MEIF) managed by Midven (which manages UKI2S), a part of the Future Planet Capital Group, to help combat global medicine shortages.
The investment is split into two tranches. Firstly, it will help the company boost its headcount and complete the market testing of its platform. The second tranche will be used as the cornerstone of a larger series A funding round.
The company will use the funds to address the global medicine shortages with its platform, linking pharmacists with suppliers of hard-to-get medicines.
Debra Ainge, CEO of iethico, said: “Medicine shortages are a recognized major public health concern, occurring every day across healthcare settings, affecting patients and all stakeholders involved in their care. The investment from Midven enables us to help overcome these limitations, not only ensuring medicine supply in times of need but ultimately addressing inequality in access to medicines.”
Company: iEthico Limited
Funding Month: October 2022
Lead Investors: Midlands Engine Investment Fund
Company Website: https://iethico.com/
Software Category: AI-powered Pharmaceutical Sourcing Solution
About the Company: Founded by Debra Ainge and Renee Kalia in 2020 in the UK, iethico is a developer of a supply chain platform to resolve drug supply and shortage issues. Its platform empowers pharmacists by connecting them to medicine supply and delivering insights to lead them to mitigate the impact of medicine shortages, enabling medicine distributors and providers to navigate multiple suppliers, reduce costs, and expand into new geographies. iethico reduces time spent sourcing medicines and creates a competitive marketplace that addresses drug supply chain deficiencies and saves pharmacies money. The company’s AI-powered solution will give clear indications of medicine shortages and be able to predict future supply chain challenges—something which is not possible at present.