Diabetes Management Platform by Glooko Gets Huge New Round of Funding
Could this be the start of the large medical device players teaming up with technology providers to provide complete solutions for diabetics ? Although this venture is US based the UK usually follows closely behind and it will be interesting to see what developments happen now in the market.
Glooko, a new diabetes management company, has landed a huge amount of funding for its healthcare service that is comprised of hardware that imports blood sugar levels through a Bluetooth enabled device. The readings come from an assortment of glucose meters and the purpose is to simplify the task of monitoring patients remotely by their doctors.
This new round of funding is for $16.5 million whilst the first round consisted of $3.5 million in funding. That was in 2012. It is referred to as ‘Series B’ and brings with it a new investor, Medtronic, the giant company that sells medical devices. Glooko refers to Medtronic as a titan in the industry as it owns 66%, the majority, of the insulin pump market in the United States.
The Advent of Glooko’s Diabetes Management Platform
The actual device, Bluetooth enabled hardware, was launched by Glooko back in 2011. Since that time the company has been developing a platform for diabetes management. Systems sold by Glooko are b2b rather than b2c which are used by the sufferers of diabetes. Their b2b platform is for those in the field (doctors and medical professionals) who need to analyse their patients’ blood sugar data. The reason they stress that it is a b2b platform is because new companies like mySugr focus on the b2c platform for patients. The difference is important and should not be confused.
MeterSync Technology Communicates with Most Glucose Meters
MeterSync Technology by Glooko is capable of supporting data that has been downloaded form a great number of glucose meters – more than 30 different brands. This means that their technology has the capability of communicating with greater than 90% of those on the market. The company has further plans to integrate their technology with continuous glucose monitors (CGMs) and insulin pumps. The purpose is to have an approach that is unified. This is going to be made possible as a result of the new funding.
Glooko’s Diabetes Management Software
Population Tracker is a software that enables remote access for doctors to analyse patient data. Additionally, there will be a module that will allow for the prediction of hypoglycaemia which some patients may be unaware they are suffering from. The goal is to mitigate risk whilst lowering the cost of treatment. Through what they call ‘personalised predictive algorithms,’ Glooko feels that many hospitalisations can be avoided. This, again, is possible because of the new round of funding.
Charges Are Per Patient Per Month
Glooko states that charging per patient per month is not a new concept as many services operate with this payment method. Insurance companies and healthcare organisations are quite familiar with this ‘subscription’ model.
Medtronic is not the only new investor as Canaan Partners, Samsung and The Social + Capital Partnership also joined in the venture. Exact figures are not being released by Glooko at this time in terms of investments or profits because they are up against some extremely heavy hitters in the diabetes management market.
Beginning with a mobile app for diabetes and moving into a complete health technology platform is likely to be the model for new start-ups in the near future. For the time being, Glooko sees its competition as TelCare, Livongo and iHealth. The main difference is that those companies require users to purchase their proprietary hardware whereas Glooko promises that their hardware will be integrated with MeterSync technology.