SA's Knife Capital Invests in Pharmaceutical Temperature Monitoring Solution, PharmaScout
Summary
Cape Town-based business 5nines technologies that has developed one point solution, PharmaScout for healthcare professionals, has raised an undisclosed amount in Series A from Knife Capital.PharmaScout delivers an M2M temperature monitoring compliance solution for pharmacies and doctors licenced to dispense medication in South Africa. The startup achieves this by employing hardware and software elements, temperature mapping of storage areas including refrigerators, periodic calibration of the temperature measuring equipment and continuous monitoring that includes alarms, notifications, data storage & daily reporting.Founded in 2015, 5nines derives its name from 99.999% (5nines). The startup claims to have high availability of services where the downtime is less than 5.26 minutes per year.Doug Siepman, CEO and Co-Founder of 5nines, said, We are delighted to partner with Knife Capital at this stage of our growth journey. They also were part of what is speculated as a multi-million dollars exit of orderTalk.It contains all the elements that we look for in a portfolio company, says Keet van Zyl, Investment Partner at Knife. There is a compelling investment case underpinned by recurring revenue, great people with execution abilities resulting in proven traction and intellectual property elements that make the technology scalable.