RxLightning secures $17.5M funding round
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A New Albany-based startup is continuing its rapid growth after less than three years in business. RxLightning, which has developed a software platform to streamline the specialty medication enrollment process, has closed on a $17.5 million Series A round of funding.
RxLightning launched in late 2020 with the goal of helping patients get access to more than 1,200 specialty medications more efficiently.
The company’s MedAccess Ecosystem platform, is designed to reduce the time it takes for health care providers to get their patients started on specialty medications from days or weeks to mere minutes or hours.
Co-founder and CEO Julia Regan said the Series A funding will allow the company to further scale its medication access capabilities, support infrastructure, and add to its team, though a specific number of new jobs was not provided.
The round was led by Boston-based LRVHealth, with participation from McKesson Ventures and existing investors Novartis, Onco360, Hearst Ventures, and HealthX Ventures.
“RxLightning has gone far beyond creating a digital experience that replaces paper forms, and has created a first-of-its-kind ecosystem that connects every part of the specialty medication process,” Josh Flum, managing partner at LRVHealth, said in a news release. “As the specialty market continues to grow and transform the treatment of diseases, RxLightning will play an important role in improving access while minimizing cost and burden on the system.”
As part of the Series A round, Flum and McKesson Ventures’ Carrie Williams will join the RxLightning Board of Directors. The round brings the company’s total capital raised to $20.5 million.
The investment comes less than a year after RxLightning announced plans to invest more than $500,000 to expand its New Albany headquarters and add up to 175 jobs over the next several years.
RxLightning is also a back-to-back double winner at the TechPoint Mira Awards, honoring the best in tech in Indiana. The company won Product Launch of the Year and Disruptor of the Year at the 2023 event, after winning Tech Product of the Year and Startup of the Year in 2022.