Diabetes data management company Glooko has raised $35 million in new funding. The company already had strategic investments from Samsung and Medtronic; in this new round the Mayo Clinic and insulin pump maker Insulet join those ranks. Toronto-based Georgian Partners led the round, with participation from existing investors Canaan Partners and Social Capital, in addition to the aforementioned health and tech stakeholders.
This is the company's largest funding round to date and it more than doubles the company's coffers, bringing its total funding to $71 million. It most recently raised $8 million in connection with its merger with European counterpart Diasend.
Glooko has always been in the business of helping patients, providers, and tech companies manage diabetes data, but what exactly that means has changed as the technology has evolved. The company started out making adapter cords to connect glucometers to smartphones. Nowadays, it's more about data analytics and artificial intelligence, not only to collect data, but also to analyze it and turn it into actionable insights that can help people better manage their diabetes.
"This additional funding will help us to further our mission: to improve the lives of people with diabetes,” Rick Altinger, CEO of Glooko, said in a statement. “With this capital, we will accelerate our investments in clinical solutions that aim to increase medication adherence, provide personalized insights and prompts that drive behavior change for people with diabetes, and deliver clinical decision support to thousands of clinicians and coaches so they can better support people with diabetes in between office visits.”
Glooko works with a wide array of provider, payer, and pharma customers, as well as with other technology companies in the diabetes management space like Dexcom, with whom they recently expanded their longstanding partnership.
The company says it plans to use the new funding for a little bit of everything: to expand its sales and marketing teams; to increase international commercialization efforts in France, Germany, the UK, Asia, and the Middle East; and to continue to invest in research and development to improve its platform.