Podimetric extends Series B round with Polaris Partners investment

The round now comes to a total of $16.55 million, and will continue to support the company's push into the VA and commercial payer markets.
By Dave Muoio
03:23 pm
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Somerville, Massachusetts-based Podimetrics has bumped its $13.4 million Series B funding round up to $16.55 thanks to a new investment from Polaris Partners.

The company, which makes a connected platform for diabetic foot ulcer detection, also announced the addition of five new names to advisory board: Dr. Kenneth Kizer, former Veterans Affairs undersecretary for health; Dr. Ronald Geraty, a healthcare executive and entrepreneur; Dr. David Armstrong, a professor at the University of Southern California and director of the Southwestern Academic Limb Salvage Alliance; Dr. Paul Manberg, former head of several regulatory and clinical development programs; and Dr. Larry Lavery, a professor and medical director at UT Southwestern Medical.

WHAT THEY DO

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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.

WHAT IT’S FOR

Podimetrics said in its announcement that it will be furthering its businesses with the VA and commercial payers.

MARKET SNAPSHOT

It was just a few weeks ago that the VA announced a regional rollout of Podimetrics’ platform, which the department had already deployed within 15 of its medical centers. The VA said it was looking for the technology to make a major impact on its sizable diabetic foot ulcer population, more than 75,000 of whom the department said it treated in 2018.

The company has some competition diabetic foot ulcer technology space as well. 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.

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