Plenful, an AI-based workflow automation platform that streamlines pharmacy and healthcare operations, announced a $17 million Series A funding round led by TQ Ventures, with participation from Bessemer Venture Partners, Susa Ventures, and existing investors. Including this funding round, the company raised over $25 million.
This milestone signifies a major step forward in Plenful’s goal to modernize pharmacy operations through advanced automation and AI. The U.S. healthcare system faces about $1 trillion in manual and administrative labor costs, worsened by post-COVID labor shortages and employee burnout. And this inflates expenses and hampers service efficiency, compromising patient care. Plus, recent significant declines in pharmacist graduation rates have compounded the administrative challenges pharmacy operation teams face.
Plenful was originally founded by experienced pharmacy and healthcare operators, provides a practical solution: a highly-configurable AI software built for streamlining and automating various pharmacy administrative tasks in one platform, with the goal of executing seamless one-click workflows. Built for in-house specialty pharmacies, contract pharmacies, mixed-used use, compounding pharmacies etc., Plenful reduces manual work by up to 97% and can identify millions of dollars in savings opportunities.
Utilizing AI and machine learning, Plenful takes on the key pain points in the industry, driving revenue growth and decreasing time and costs for customers. The company’s customers include Tampa General Hospital, Renown Health, Cedar Sinai, Salinas Valley Health, Blue Cross Blue Shield, and many other innovative healthcare teams. Plenful’s platform offers several core use-cases that address critical customer pain points in pharmacy and healthcare operations: a complete 340B solution; inventory planning; and intelligent document solutions.
KEY QUOTES:
“Having years of firsthand experience in the trenches of pharmacy and healthcare operations, we intimately understand the challenges faced by professionals in the field. Our mission is to empower pharmacy and healthcare teams with tools that alleviate the burden of manual administrative tasks, allowing them to focus on what matters most – providing exceptional patient care and empowering their staff. Fueled by new capital, we will continue building out our robust infrastructure, focusing on customer needs in each unique automation set, and expanding the use of machine learning with a focus on LLMs to create the best possible, seamless experience for customers.”
- Joy Liu, CEO and Founder of Plenful
“Our organization has greatly benefited from Plenful’s automated software, which has streamlined the oversight of our 340B program. Their team members who supported our go-live efforts were knowledgeable, responsive, and attentive to our organization’s needs. I recommend Plenful to any organization seeking to leverage machine learning to sustain and advance their 340B program.”
- Clement Miller, Chief Operating Officer at Salinas Valley Health
