Glooko, maker of a digital platform for the treatment of diabetes and other chronic diseases, today announced a $ 30 million Series D funding round, led by Health Catalyst Capital. Canaan Partners, Georgian, Novo Nordisk, Insulet and Mayo Clinic also played a role in the increase.
WHAT IT DOES
The app-based platform of the Palo Alto start-up acts as a central hub for connected monitoring devices and other disease-related data streams. For example, users can import the data from their blood glucose meter or CGM. (The company claims to be compatible with 95% of all diabetes devices.)
They then display these metrics along with their meal logs or activity data collected through third-party fitness platforms such as Fitbit or Strava. Users can also review training resources or follow care programs tracked by the app and export all of their data for review by their doctor.
Glooko combines its patient tools with bundled remote monitoring and reporting products for clinics and healthcare systems. These offerings are built into the company’s EHR so vendors can easily view reports in their workflow. The company also has FDA approval for an insulin dose recommendation system called MIDS and supports public health with its extensive analysis and monitoring tools.
According to the financing announcement, the company has completed its most successful year of growth to date.
“As a result of Glooko’s innovations, the company has seen rapid market adoption and expanded its global ecosystem to more than 7,500 clinics. It has partnered with many of the world’s largest diabetes medical device and pharmaceutical companies, as well as leading healthcare systems.” Charles Boorady, founder and managing partner of Health Catalyst Capital, said in a statement.
“We look forward to supporting the company in its next phase of growth as it invests in new capabilities that support chronic care management and serve even more stakeholders.”
WHAT IS IT?
Glooko said these new funds will reinforce its efforts to increase adoption of the remote monitoring platform, expand the commercialization of its products in clinical research, and open up new therapeutic areas.
“This is an unprecedented time in healthcare and technology,” said Russ Johannesson, CEO of Glooko, in a statement. “Demand for our platform shows this fundamental shift. Glooko has seen significant growth, and this funding allows us to build on our strong momentum in delivering the advanced technologies we are known for.”
MARKET SNAPSHOT
Glooko appears to be the connective tissue between a wide variety of diabetes monitoring devices. With that in mind, it sees its biggest competition from other data-driven, app-based disease management platforms like Welldocs Bluestar.
However, a growing number of digital health companies targeting these conditions are selling businesses with programs that include dedicated hardware or human coaching in addition to the software component.
There is certainly no shortage of activities here. Names like One Drop and Virta have recently received new funds from investors.
Livongo was, of course, the focus of last year’s biggest M&A deal, while others like Onduo, Omada, and DarioHealth have recently taken steps to expand beyond diabetes management alone.
