LabStyle Innovations raises $2.5M for smartphone-connected glucometer

By Aditi Pai

DarioIsrael-based LabStyle Innovations, maker of a smartphone-connected glucometer called Dario, has raised $2.5 million in common stock from Canadian investor Shmuel Farhi and others. This brings the company's total funding to at least $12.5 million.

Dario is a small glucose meter that syncs with a companion app. It works with Apple iPhone 5, iPads and iPods and Android devices like the Samsung Galaxy S4 and Tab. The app includes a nutrition guide, logbook, and monitoring system. Users can view all their information as a chronological list or a graph and compare different periods of time. It also shows how many measurements were above, below, or within the blood glucose target range and if they were before or after a meal.

While the device has had a CE mark certification for a few years, LabStyle is still waiting on an FDA clearance. But according to the company, some of the funds it raised will be used to fund the initial US commercial launch of the Dario. LabStyle also said it anticipates receiving FDA clearance in the coming months.

Earlier this summer, LabStyle launched Dario in Canada. The system sells through pharmacies and online and can be reimbursed through a majority of medical plans, LabStyle said.

Last year, LabStyle Innovations partnered with nutrition app maker FatSecret to allow Dario users can log food from FatSecret’s database, an important part of the routine for a person with diabetes. FatSecret’s database contains generic food types, popular food brands and even meals from some restaurants.