Israel-based DarioHealth, makers of a smartphone-connected glucometer, has raised $3 million as part of a definitive agreement for a total aggregate raise of $5.1 million. Crowdfunding equity platform OurCrowd Qure led the investment round. The company, which has also done business as LabStyle, said it will use the funding to expand the company’s existing markets as well as move into new geographic areas.
The pocket-sized Dario device consists of a glucose meter, a disposable test strip cartridge, and lancing device. The companion app, available on iOS and Android devices, includes a nutrition guide, logbook, and monitoring system. The app allows users to view all their information as well as insights and patterns in their data.
Lead investor OurCrowd Qure launched their equity crowdfunding platform in Israel in November 2016, and is specifically focused on digital health. They work with Johns Hopkins University to provide validation of value, market access and on-going feedback on the startups. Two members of the OurCrowd Qure fund, which will be about $30 to $50 million and plans to do around 15 deals, will assume DarioHealth board seats along with the investment.
“We are highly impressed with DarioHealth’s mobile blood glucose monitoring platform,” Allen Kamer, OurCrowd Qure managing partner, said in a statement. “The solution offers a unique user experience approach combined with personalized disease management tools. Dario’s global footprint and direct to consumer expansion strategy offer significant growth potential and truly disrupts current healthcare delivery.”