DiRx Inc., a digital health company focused on access to generic drugs, raised $5 million in a seed funding round, it announced recently.
The Monroe-based company said the round was conducted through a private placement with health care-specialized U.S. investors. Funds will be used to enable readiness of DiRx’s HIPAA-compliant virtual pharmacy platform and scale up prelaunch activities.
The launch of the pharmacy, aimed at underinsured or uninsured patients seeking low-cost generics, is expected in the spring of 2021.
“Encouraged by the strong momentum in digital health investments overall, and the success achieved by early entrants in the digital pharmacy space in enhancing customer convenience, we felt now is the right time to also address the affordability factor for many underinsured and uninsured Americans, in addition to the convenience factor,” founder and CEO Satish Srinivasan said in a prepared statement.