Digital diabetes firm Virta Well being lands $133M to “reverse diabetes”

Digital diabetes management company Virta Health raised $ 133 million in an E Series funding round led by Tiger Global.

That funding follows Virta’s $ 65 million Series D in December, which turned it into a unicorn company. With the recent cash injection, Virta has doubled its valuation to $ 2 billion.

WHAT IT DOES

Virta claims that it can reverse type 2 diabetes with its treatment program that combines tracking, coaching, and remote monitoring features with a nutrition-based ketogenic diet.

Although ketogenic diets can be controversial because of their carbohydrate restrictions, Vitra was able to help 84% of patients in the study achieve an estimated HbA1c level below 6.5% or reduce theirs by 1% or more after 90 days.

Treatment is available to employers and health insurers at 100 percent risk. This means that customers only pay if Vitra succeeds in reversing type 2 diabetes and freeing patients from diabetes medication.

The company also offers treatment options for prediabetes and obesity.

WHAT IS IT?

Virta plans to use the funds to expand its platform and reach more patients.

“The norm in diabetes care was more medication, more weight gain, and more suffering. Reversing diabetes is changing that, “said Sami Inkinen, co-founder and CEO of Virta Health, in a statement. “We’ve shown people a way to live drug-free and diabetes-free. This investment is about reaching more people and embracing the mainstream of diabetes reversal.”

MARKET SNAPSHOT

There’s no shortage of digital health startups in the diabetes space. One of the best-known names in the field is Livongo, which Teladoc acquired last year as part of a $ 18.5 billion merger.

Another company that started in the diabetes field is Omada. The company recently released a new service that allows patients to optimize their medication without the need to visit their GP.

Therapeutic cognitive behavioral therapy digital behavioral therapy company Better Therapeutics recently announced plans to go public through a SPAC merger with Mountain Crest Acquisition Corp II. Treatment from Better Therapeutics helps people lower their HbA1C levels through diet-induced CBT to help identify the root cause of cardiometabolic disorders like diabetes and heart disease.

Digital diabetes management company Glooko recently closed a $ 30 million funding round. Users connect their monitoring devices to the Glooko platform, where they can view these metrics along with their meal logs or activity data collected through third-party fitness platforms such as Fitbit or Strava.

They can also review educational resources, track care programs tracked by the app, and export all of their data for review by their doctor.