St. Petersburg health tech firm lands $5M investment

RxLive, a St. Petersburg-based health tech company whose platform helps reduce medication mismanagement, has raised $5 million in a Series A funding round that was led by Cardinal Health (NYSE: CAH).

According to a news release, RxLive specializes in medication management software that has been shown to reduce patient drug costs by hundreds of dollars, decrease hospital admissions by 27% and cut readmissions by 26%. The company’s research has found that approximately 50% of patients fail to take medications properly, leading to $500 billion of wasted health care spending annually and the deaths of 140,000 seniors.