Singapore-based medical systems startup I3 Precision Pte Ltd has today announced securing S$589,000 (US$466,000) from Red Dot Ventures, an authorised incubator under National Research Foundation‘s (NRF) Technology Incubation Scheme (TIS), and NRF itself.
Founded in 2011, the local company creates independent medication registration and identification systems that aim to reduce errors, improve patient safety and increase productivity for institutions such as hospitals and pharmacies.
I3 Precision’s flagship product MedSafe was first inspired by a horrific incident dated 2001, when a nurse was charged with causing the death of a baby when she gave him or her a “lethal dose of the wrong medicine”, said Lim Teck Sin, CEO, I3 Precision. He also added that MedSafe addresses quality control issues such as cracks in pills or gaps in sachet packets, and has a trial accuracy of 99.25 per cent.
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.â
Leslie Loh, Managing Director, Red Dot Ventures, added that the decision to invest in I3 Precision can be attributed to the product’s demand. He said, “We are investing because this product addresses a significant necessity in drug distribution processes for hospitals and nursing homes.â