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Exclusive: Redi Health nabs $14M for patient medication support

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Illustration: Annelise Capossela/Axios

Redi Health, a medication adherence and patient engagement tech platform, raised a $14 million Series B, CEO Luke Buchanan tells Axios exclusively.

Why it matters: Early support with specialty drugs can address the 70% non-adherence rate that causes hundreds billions of dollars in losses.

How it works: Redi Health aims to help patients taking branded specialty drugs, offering medication reminders and advice on symptom management, diet and nutrition.

  • The company's platform also provides brand-specific content, condition-focused trackers, digitally accessible financial assistance and enrollment in patient support programs.
  • Redi Health serves patients managing diabetes, dermatology, oncology, multiple sclerosis, rare disorders and genetic disorders.

By the numbers: "If a patient gets support services when needed, they are 80% more likely to stay on medication through 12 months," Buchanan says.

  • Redi Health's user base has grown by millions since its 2022 Series A, per Buchanan.
  • Blue Heron Capital led the Series B, with participation from new investor North Coast Ventures. Existing investors Refinery Ventures, Mutual Capital Partners, Rev1 Ventures and M25 also participated.
  • The company has raised more than $19 million to date.

What's next: Fresh funds will be used to develop and launch new products.

  • "We have demonstrated good predictable revenue and capital management," he says. The company is not yet profitable, he says, declining to disclose financial details.
  • "This should get us through the next 24–36 months, but that does not mean we will run dry by then," he adds.

The bottom line: "Specialty meds play a bigger role today and so do the ways in which you interact with patients," says Blue Heron partner Gordon Crenshaw.

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