The Launch Place has invested $150,000 in a company that offers technology for drug inventory management.
The money is for Winston-Salem, N.C.-based OrbitalRX, which provides a drug-shortage management platform for hospital pharmacies in the United States and Canada.
Co-founded by CEO Adam Orsborn and Chief Product Officer Nate Peaty, OrbitalRX automates management and ordering of medication.
“It can simplify the process of making decisions on what to buy and maintain stock of medications needed for surgeries, diabetes, cancer patients and other critical needs within hospitals,” a news release from The Launch Place said.
The process saves more than 10 hours of lost time for pharmacists and the medication supply chain team who usually have to manually log and order drugs, the news release states.
“This comes at a critical time in health care as the COVID-19 pandemic continues to impact hospital capacity and workloads, with some hospitals struggling under the pressure of staff shortages and budget cuts,” according to the news release.
The software is being used in six hospitals nationally and the company may make it available to retail pharmacies in the future.
The Launch Place provides new and early-stage businesses support services and investments for technology start-ups in Virginia and North Carolina. It has offices in Danville and Research Triangle Park, N.C.