Bethesda, Maryland-based Telcare, which offers an FDA cleared cellular-enabled glucose monitor and its cloud-based companion system, has scooped up $25.5 million in funding led by new backer Sequoia Capital with participation from its existing investor Qualcomm Life Fund. Telcare will use the funds to build out its marketing, sales, research and development. Telcare had previously raised about $4 million in funding also likely led by Qualcomm.
Here's how the company explains its offerings: "Telcare provides a comprehensive diabetes solution consisting of a wireless glucose meter with two-way messaging that transmits to an FDA-cleared care management server, along with a suite of iPhone and Android apps to enable family members to follow the progress of loved ones with diabetes. Through Sequoia’s investment, the company will seek to aggressively accelerate market share to realize their vision of becoming the global leader in wireless “mHealth” solutions for people with diabetes and other chronic illnesses. The Telcare platform is currently being implemented by health insurers and employers who currently care for more than 1 million people with diabetes."
Telcare launched its connected glucose meter at the beginning of the year, and quickly added partners, including New Jersey and New York-based health plan MagnaCare, senior care company Independa and Healthrageous, which offers companies a "personal health improvement platform" for their employees. Telcare secured FDA clearance for its BGM device in August 2011.
Qualcomm's health-focused fund also joined Sequoia Capital on an investment in remote patient monitoring company AirStrip Technologies earlier this year. Jack Young, director of Qualcomm Ventures told MobiHealthNews that all six of the companies Life Fund portfolio companies are doing well and gaining traction. Young says the Life Fund will be announcing new investments soon, too.
More on the Telcare investment in the press release below:
PRESS RELEASE: -- Bethesda, MD -- Telcare, Inc., developer of the first FDA-cleared wireless glucose monitoring system for people with Diabetes announced today that it has secured $25.5 million in equity funding as the first close of a Series B financing led by Sequoia Capital, Menlo Park, CA. The investment round included funds from existing investor, Qualcomm Inc., acting through its Qualcomm Life Fund. Investment proceeds will fund Telcare’s marketing and sales efforts, research and development initiatives, and ongoing operations.
“We are thrilled that Sequoia has decided to support the growth of our enterprise, given their long history of selecting winning technologies in life sciences, information technology, and consumer products,” said Dr. Jonathan Javitt, Telcare’s CEO and Vice Chairman. “Sequoia, and Qualcomm, Inc., our other institutional investor in this round, share our belief that great companies succeed by transforming the lives of the people they serve. The testimonials on our web site about our products from people with diabetes, their physicians, and their loved ones, tell us that we are on the right track.”
“With the closing of this transaction, Telcare is now well positioned to grow our business, provide a great experience to our customers, and execute on our strategic vision.” said John Dwyer, Telcare’s Chairman.
“The application of mobile technology is transforming healthcare, and Telcare is uniquely positioned to materially improve the management of diabetes with its wireless glucose monitoring system. We are pleased to be partnering with management,” said Scott Carter from Sequoia Capital.
“Telcare’s solution leverages the broad coverage of mobile networks and the convenience of cellular technology to empower individuals to better manage their conditions through professional supervision and/or family members’ support, said Jack Young, director of Qualcomm Ventures.
Telcare provides a comprehensive diabetes solution consisting of a wireless glucose meter with two-way messaging that transmits to an FDA-cleared care management server, along with a suite of iPhone and Android apps to enable family members to follow the progress of loved ones with diabetes. Through Sequoia’s investment, the company will seek to aggressively accelerate market share to realize their vision of becoming the global leader in wireless “mHealth” solutions for people with Diabetes and other chronic illnesses. The Telcare platform is currently being implemented by health insurers and employers who currently care for more than 1 million people with Diabetes.
About Telcare, Inc.:
Telcare, Inc. uses cellular technology and social networking to bridge the last mile between patients with diabetes, their caregivers, and their families in order to transform the care of chronic illness. The Company’s first product, a wireless Blood Glucose Monitoring System was launched in February 2012. Telcare has been awarded two First Place E-Tech awards by CTIA, been named the MEDTEC startup of the year, been awarded the Triple Tree Award at the Wireless Life Sciences Allianceand been awarded the 2012 Edison Gold Award. Telcare’s products have been featured in the Wall Street Journal, the New York Times, Forbes, Fox News, and numerous other media sources. The Company was founded in 2008 by David Bjork, John R. Dwyer, Jr., and Jonathan C. Javitt, M.D., M.P.H. For more information, visit www.telcare.com.