The company will be using the funds to expand its business with the VA and other commercial payers.

Podimetrics bags $13.4M for connected diabetic foot ulcer detection platform

By Dave Muoio
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Somerville, Massachusetts-based Podimetrics, maker of a connected device for diabetic foot ulcer detection, has raised $13.4 million in Series B funding. Rock Health, Norwich Ventures and Scientific Health Development each participated in the round.

WHAT THEY DO

Podimetrics’ platform consists of a cellular-connected SmartMat for use in the home, and a corresponding clinician-facing dashboard. Users stand on the SmartMat for 20 seconds each day, during which the device collects foot temperature scans and transmits the results to the company’s care team. The patients’ clinician is then alerted to any concerning results so that preventive action can be taken.

“Diabetic foot ulcers are one of the most devastating and costliest diabetes-related complications. In fact, data suggest that today as many as one out of every three dollars spent on diabetes is linked to lower extremity complications,” Podimetrics co-founder and CEO Dr. Jon Bloom said in a statement. “At Podimetrics, we are working diligently to help prevent [diabetic foot ulcers], remotely catching early signs often five weeks before they would present clinically.”

WHAT IT’S FOR

Podimetrics wrote in its announcement that it will be expanding its presence within the Department of Veterans Affairs — which the company noted has recently released a national guidance document recommending the platform for high-risk veterans — as well as building upon its commercial payer business.

MARKET SNAPSHOT

Digital health is home to a number of products looking to stem the development of diabetic foot ulcers. In late 2017, Wellpepper unveiled a diabetes support platform consisting of a scale, foot scanner and mobile interface along with Amazon Alexa voice functionality. Others like Siren and Orpyx Medical Technologies have taken a wearable approach to detecting the ulcers by employing smart textiles and in-shoe sensors, respectively.

ON THE RECORD

"We continue to be impressed by the clinical outcomes delivered by the Podimetrics platform, which has been achieved by integrating proprietary remote monitoring technology with a proactive care management program," Rock Health Venture Principal Jeff Trost said in a statement. "We are excited to support Podimetrics as they scale and bring this clinically validated solution to the millions of patients who can live healthier lives free of [diabetic foot ulcers].”