I3 Precision Secures $466,000 from Red Dot Ventures.
The Singapore-based medical systems startup known as I3 Precision Pte Ltd has recently announced that they have manage to gain a total of S$589,000 (US$466,000) from Red Dot Ventures, an authorized incubator that is under the National Research Foundation’s (NRF) Technology Incubation Scheme (TIS), and NRF Itself.
Initially founded during 2011, the company develops independent medication registration and identifications systems that aim towards reducing errors, improving patient safety and increasing productivity for institution such as hospitals and pharmacies.
I3 Precision’s flagship product MedSafe was first inspired after a horrifying accident that happened back during 2001, when a nurse was charged by causing the death of an infant child when she had given them them a “lethal dose of the wrong medicine”, stated the CEO of I3 Precision, Lim Teck Sin. He further elaborated that MedSafe addresses quality control Issues such as Cracks on Pills or gaps in the sachet packets, and has a trail accuracy of 99.25 percent.
He explained, “Our high-tech image recognition system identifies pills, capsules, blister packs, and medication boxes to confirm the dispensed medication image is the correctly prescribed medication.”
Managing Director of Red Dot Ventures, Leslie Loh, had stated that the decisions behind this recent investment within I3 Precision can be attributed the the demand that their product has. He stated, “We are investing because this product addresses a significant necessity in drug distribution processes for hospitals and nursing homes.”
If this Product becomes highly successful in their own home based, then its possible that the company could expand their business else where, especially towards places where healthcare can be at a much lower quality then most other countries, saving the lives of many with image recognition system.