Palo Alto, California-based diabetes management platform Glooko Inc has received $16.5 million in Series B funding. The investors included Canaan Partners, Medtronic, The Social + Capital Partnership and Samsung. In conjunction with the financing, Wende Hutton of Canaan Partners has been added to Glooko’s board of directors.
Palo Alto, Calif. – March 17, 2015 – Glooko Inc. today announced that it has raised $16.5 Million in Series B financing. The funds will be used to expand the company’s FDA-cleared, HIPAA-compliant platform to include device data from insulin pumps, continuous glucose monitoring systems and integration of personalized predictive algorithms. Canaan Partners and Medtronic joined existing investors including The Social + Capital Partnership and Samsung in the financing. As part of this round, Canaan Partners’ Wende Hutton has joined the Glooko Board of Directors.
“The healthcare industry is at an inflection point with the advent of the Affordable Healthcare Act and increased demand for better quality care without raising costs. Companies that are able to offer unprecedented access to actionable patient information combined with intuitive mobile applications are poised to meet those demands,” noted Wende Hutton, General Partner at Canaan Partners. “Glooko is the perfect example of a company that goes beyond developing a simple wearable or mobile phone app–they have delivered a solution that improves patient outcomes by engaging both patients and their healthcare providers to more easily manage and gain insights from the often complex web of diabetes devices.”
Glooko’s unified diabetes platform enables patients to better manage their diabetes and their healthcare providers to proactively engage their diabetes populations via a mobile, cloud-based platform. Using Glooko’s bluetooth-enabled MeterSync device, patients are already able to sync data from more than 30 blood glucose monitors (over 90% market share) with their Apple or Android mobile device. This data is then structured for providers in a simple to interpret, risk-stratified view via Glooko’s Population Tracker™, a population management tool, and via integration into other platforms, such as an Electronic Health Record (EHR). Glooko allows healthcare providers to engage at-risk patients before costly intervention and hospitalizations occur. In addition, Glooko allows healthcare providers and patients to create reminders for improved treatment plan adherence, integrate data from popular fitness trackers and biometric tools, and allow patients to record food intake and insulin dosage to provide context around changes in their blood glucose readings.
Glooko has already partnered with leaders in diabetes care, including the globally renowned Joslin Diabetes Center, and US care leaders such as the Diabetes & Glandular Disease Clinic (DGD) and Atrius Health, to name a few. Providers, health systems and payers can currently track patient progress, proactively manage and take action with at-risk patients and drive intervention programs with Glooko. By adding data from insulin pumps, continuous glucose monitoring systems and integrating personalized predictive algorithms into its platform, Glooko will bring more utility to patients who require intensive, day-to-day glucose management, and make it easier for healthcare providers to get a full picture of a patient’s health so they can proactively treat them.
“Glooko has taken the power of mobile, cloud and analytics innovation to deliver an application that has real, daily use in helping improve the health of patients with diabetes,” said Rick Altinger, CEO of Glooko. “We have successfully attracted partnerships and investments from leaders in diabetes healthcare to join our mission in creating easy-to-use and intelligent software that adds utility for patients, healthcare providers, pharmaceutical companies and payers. The new investment will further bolster our leadership position in this area.”
Glooko is the world’s leading Unified Platform for Diabetes Management and is trusted by the world’s leaders in diabetes care. Glooko provides an FDA-cleared, HIPAA-compliant Web and Mobile application designed to improve health outcomes for people with diabetes, which in turn reduces costs for payers and the healthcare system. Glooko seamlessly syncs with over 30 blood glucose meters, the world’s major fitness and activity trackers and supplies timely, verified patient data such as blood glucose, carbs, insulin, blood pressure, diet and weight data. Glooko’s mobile app enables patients to easily track and proactively manage all aspects of their diabetes care. Glooko’s population management web app and API’s offers diabetes-centric analytics and supplies insightful reports, graphs and risk flags to health systems and payers. Learn more at www.glooko.com and follow us at Twitter.com/GlookoInc, and Facebook.com/Glooko.
About Canaan Partners
Canaan Partners is a global venture capital firm that invests in entrepreneurs with visionary ideas. With $4.2 billion under management and over 160 exits to date, Canaan has funded some of the world’s leading technology companies. Recent exits include Lending Club, Ebates, and Skybox Imaging, as well as healthcare stars like Chimerix, Durata Therapeutics and Civitas Therapeutics. Current technology investments include Cardlytics, Instacart, Kabam and SOASTA, and current healthcare investments include Arvinas, CytomX, ChronoThera and Truveris. For more info, visit canaan.com.