Bethesda, Maryland-based cellular-enabled blood glucose meter company Telcare has raised $32.5 million led by Norwest Venture Partners with participation from Mosaic Health Solutions and existing backers The Qualcomm Life Fund and Sequoia Capital. The latest round of funding takes Telcare's total disclosed funding to north of $60 million.
Telcare offers a diabetes management package that includes a cellular-enabled glucose meter with two-way messaging that transmits to an FDA-cleared care management server, in addition to iPhone and Android apps that help keep family members in the loop about the progress of loved ones with diabetes.
“Telcare is capitalizing on two trends: the need to provide better care at lower cost, and the innovation in mobile, connected devices to provide timely clinical care,” Casper de Clercq, Partner at Norwest Venture Partners said in a statement. “Diabetes is a chronic condition which is demanding for both patients and care givers. Telcare’s FDA-cleared cloud and connected sensors represent a step change in the management of this condition at a fraction of diabetes related medical costs. Our investment in the company speaks to its leadership in digital health through collaboration with providers, payors and the FDA."
Notably, Clercq also said that the funding will help Telcare expand beyond diabetes.
"The capital will allow Telcare to broaden its impact in diabetes and expand the platform to related chronic conditions,” he said.