QuiO said last week that it closed a $1.05 million seed round led by undisclosed investors to finish developing its smart injection device, prep for pilot studies and an FDA 510(k) submission.

The New York-based company is developing a smart injection device and software to monitor patient adherence to clinical trial and daily regimens. Average adherence rates for patients using injectable therapies can be as low as 50%, QuiO reported, which results in $14 billion of avoidable medical costs and $22 billion in lost pharmaceutical revenue.

QuiO’s Smartinjector device records injection performance and can communicate data in real-time to its cloud-based software, including a dashboard with analytics and communication tools for providers. The device can also collect data from a 3rd party device, such as a weight scale, an activity tracker, or a glucose meter, according to QuiO.

“With over 15 million Americans prescribed an injectable therapy today, we see a large and growing need for a comprehensive drug delivery and adherence monitoring solution,” co-founder & CEO Alex Dahmani said in prepared remarks.  “Injectable therapies, including biologics and biosimilars, represent the future of medicine, making up nearly half of the pharmaceutical pipeline. These are amazing therapies, and our technology is designed to help them reach their full potential.  We may even help move cancer therapies out of the clinic, enabling patients to safely treat themselves at home.”