Digital diabetes company Virta scored $65 million in its Series D round led Sequoia Capital Global Equities funding.
This news comes roughly a year after the San Francisco company closed its $93 million Series C financing round. Today it reports raising over $230 million in cumulative funding, pushing its valuation above $1 billion and marking it a unicorn company.
WHAT IT DOES
Virta got its start as a digital Type 2 diabetes coach that helps patient change their diet and lifestyle. It combines tracking, coaching and remote monitoring capabilities with a nutrition-based ketogenic diet. The company claims that it can help Type 2 diabetes patient reverse their diabetes, instead of just slowing its progression.
In October it announced new offerings for prediabetes and obesity treatment using the same method as its Type 2 diabetes tool.
WHAT IT’S FOR
The company said the new funds will help it grow and support the new demands in the diabetes space.
“The option for disease reversal should be available to every person living with a chronic metabolic condition,” Sami Inkinen, Virta Health cofounder and CEO, said in a statement. “This funding round is an important step forward in making this a reality and giving people the opportunity to regain their health, wherever they are on their metabolic journey.”
One of Virta’s biggest competitors in the digital diabetes space is Livongo, which also uses virtual coaching methods. In August, Teladoc scooped up Livongo for a whopping $18.5 million.
Another major competitor is Omada, a digital chronic disease management company. Its product line includes services for Type 2 diabetes, hypertension and mental health conditions. In May, it purchased virtual musculoskeletal care provider Physera for a reported $30 million.