Founders Factory Africa (FFA) announced today that it has selected RxAll, an AI-hyperspectral platform for authenticating drugs, into its venture scale programme. Launched in 2018 and headquartered in Johannesburg, South Africa, FFA is backed by Standard Bank and Netcare Group.
RxAll was founded by Adebayo Alonge, a Nigerian pharmacist, who developed a handheld nano-scanner called ‘RxScanner’ that detects fake drugs in real time after fake medicine nearly killed him.
RxAll enables hospitals, pharmacies and patients in Africa to buy high quality, non-counterfeit medicines online by authenticating and delivering drugs through their curated marketplace. RxAll is dedicated to providing high quality medication to patients that need them. Its RxScanner is a proprietary molecular sensor device that can identify the quality of prescription drugs in 20 seconds displaying results on an IoS and Android app in real-time.
“RxAll is an exciting venture that allows patients to have better access to high quality medication and pharmacies to access authenticated medication.,” Richard Friedland, CEO of Netcare Group, says.
FFA’s Venture Scale programme drives startup growth across Africa providing $300,000 investment in cash and tailored support services. In addition to the hands-on support provided, participating startups also have access to exclusive partnerships with FFA’s corporate investors, Netcare and Standard Bank, as well as other partners in FFA’s network. FFA startups are supercharged by FFA’s hands-on team, corporate partners, local knowledge, global community and investment opportunities — a unique combination that FFA term the ‘unfair advantage’.
“Counterfeit medication is a global health crisis. Its effects can be seen across the global healthcare ecosystem with over 1 million people dying globally per year,” Roo Rogers, CEO of Founders Factory Africa, says.
“RxAll offers a unique, simple, and precise solution with its RxScanner device. FFA is excited to support RxAll’s growth and impact by delivering investment, network, and growth with Adebayo Alonge and his team.”
RxAll will join FFA’s growing portfolio of African FinTech and HealthTech businesses including LocumBase (South Africa), Akili Labs (South Africa), EDAI (South Africa), WellaHealth (Nigeria), and RedBird (Ghana). Applications to the Venture Scale program are open-ended via the FFA website. FFA are currently specifically sourcing HealthTech startups to join the program in 2020 and start of 2021.
The FFA model includes its Venture Scale programme focused on developing existing startups, whilst the Venture Build programme harnesses the power of technology to build completely new businesses solving mass needs on the African continent.