Diabetes management startup Glooko collects $30M to push remote monitoring, new therapy areas

The Palo Alto startup said that 2020 was its strongest year to date.
By Dave Muoio
03:04 pm
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Images of the Glooko app and a family

(Image: Screenshot of the Glooko.com website)

Glooko, the maker of a digital platform for managing diabetes and other chronic diseases, announced today a $30 million Series D funding round led by Health Catalyst Capital. Canaan Partners, Georgian, Novo Nordisk, Insulet and Mayo Clinic also played a part in the raise.

WHAT IT DOES

The Palo Alto startup's app-based platform acts as a central hub for connected monitoring devices and other disease-relevant data streams. Users, for instance, can import the data from their glucose meter or CGM. (The company claims to be compatible with 95% of all diabetes devices.)

Then they view those readings alongside their meal logs or activity data collected through third-party fitness platforms like Fitbit or Strava. Users can also review educational resources or follow care programs tracked by the app, and export all of their data for review by their doctor.

Glooko pairs its patient-facing tools with bundled remote monitoring and reporting products for clinics and health systems. These offerings are integrated with the enterprise's EHR, allowing providers to easily view reports within their workflow. The company also holds an FDA clearance for an insulin-dose-recommendation system called MIDS, and supports population health with its large-scale analytics and monitoring tools.

Per the funding announcement, the company has completed its most successful year of growth to date.

"As a result of Glooko's innovations, the company has experienced rapid market adoption growing its global ecosystem to more than 7,500 clinics and has entered into partnerships with many of the world's largest diabetes medical device companies and pharmaceutical companies as well as top healthcare systems," Charles Boorady, founder and managing partner of Health Catalyst Capital, said in a statement.

"We look forward to supporting the company in its next phase of growth as it invests in new capabilities supporting the management of chronic care and serving even more stakeholders."

WHAT IT'S FOR

Glooko said that these new funds will boost its efforts to increase adoption of the remote monitoring platform, broaden the commercialization of its products in clinical research and push into new therapeutic areas.

"This is an unprecedented time in healthcare and technology," Russ Johannesson, CEO of Glooko, said in a statement. "The demand for our platform demonstrates this sea-change. Glooko has experienced considerable growth, and this funding allows us to build on our strong momentum in providing the advanced technologies we're known for."

MARKET SNAPSHOT

Glooko looks to be the connective tissue between a broad range of diabetes-monitoring devices. In that sense it sees its greatest competition from other data-driven, app-based disease-management platforms like Welldoc's Bluestar.

However, a growing number of digital health companies targeting these conditions are selling enterprises on programs that incorporate dedicated hardware or human coaching along with the software component.

There's certainly been no shortage of activity here, with names like One Drop and Virta having recently picked up new funds from investors.

Livongo, of course, was at the center of last year's biggest M&A deal, while others like Onduo, Omada and DarioHealth have recently made moves to expand beyond diabetes management alone.

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