Medication management software startup swallows $17 million

A medication management, patient engagement, and analytics software startup for the pharmaceutical industry, has raised $17 million.

The round for StrongRoom AI was led by the EVP Opportunities Fund, with support from existing investors Artesian Venture Partners and InterValley Ventures. The funding will be used for domestic and international expansion, and product innovation.

The Melbourne startup, founded in 2017, is also acquiring the healthcare loyalty program Member Benefits Australia with the cash.

The raise values the business at around $70 million.

StrongRoom’s software streamlines medication tracking, dosage management, and patient adherence. It now has more than 1,500 customers in Australia and the UK, including major pharmacy groups. It’s also  launched into the US in partnership with Centennial Management Group. The business reported c.$13 million in annualised revenue by the end of 2024, with a 80% growth rate year-over-year.

Cofounder Max Mito said the fresh capital leaves them well-positioned for global expansion.

“Our solutions are designed to modernise medication management, improve patient safety, and strengthen engagement between pharmacies and their customers,” he said.

Investor Misha Saul from EVP will join StrongRoom’s board.

“Customer feedback and retention is best-in-class, a testament to the strength of StrongRoom AI’s product offering and its executive team’s customer-first ethos,” he said

“With its expansion into the UK and early traction in the US, StrongRoom AI is well on its way to becoming a global category leader in pharmacy technology.”