Somerville, Massachusetts-based virtual diabetes care company Podimetrics has added yet another $8 million to its Series B-2 funding, bringing the round's closing total to $24.6 million, the startup told MobiHealthNews. Polaris Partners, Rock Health, Norwich Ventures and Scientific Health Development, all of which had previously backed the company, contributed.
Additionally, Podimetrics announced three new additions to its advisory board: Dr. Foluso Fakorede, an endovascular specialist and CEO of Cardiovascular Solutions of Central Mississippi; Doug Ghertner, CEO of biologic injection company IVX Health and former CEO of Change Healthcare; and David Joyner, the former EVP of sales and marketing at CVS Health.
WHAT IT DOES
Podimetrics makes a connected platform for diabetic foot-ulcer detection, consisting of a cellular-connected SmartMat for use in the home and a corresponding clinician-facing dashboard.
Patients stand on the SmartMat for 20 seconds each day, during which time the device collects foot-temperature scans and transmits the results to the company’s care team. If necessary, the system alerts clinicians so that preventive action can be taken.
Of particular note is the company's longstanding partnership with the Department of Veterans Affairs, which serves a patient population highly affected by diabetic foot ulcers. Dr. Jon Bloom, CEO and cofounder of Podimetrics, told MobiHealthNews that his company's devices are currently available through 40 VA medical centers, and that the company's broader business has seen a major spike with the new year.
"We’ve seen a 300% growth in the first half of 2020 compared to last year – that’s huge," he told MobiHealthNews in an email statement. "The patients we work with tend to be very high risk for COVID-19 complications, and we’ve been focused on helping these vulnerable patients get the critical monitoring services they need at home, ultimately reducing their risk of virus exposure and preserving health care resources to not overburden the system."
WHAT IT'S FOR
Much as before, Bloom said that the company's new funds will support Podimetrics' growth while accelerating its work with the VA and other nationwide commercial payers.
MARKET SNAPSHOT
Podimetrics' diabetic foot-ulcer detection tech is met by companies like Orpyx Medical Technologies' in-shoe sensors and Siren's smart textiles. The former of these found its technology at the heart of Onduo's connected diabetes management platform thanks to a deal announced at the tail-end of 2018.
In the past, scale-like sensors more closely resembling Podimetrics' approach were shown off by Seattle-based Wellpepper and Galway-based Bluedrop Medical.
ON THE RECORD
“Despite being largely preventable, diabetic amputations are a tremendous problem in this country, especially in the African-American community where patients are three times more likely to lose a limb,” new advisory board member Fakorede said in a statement. “Podimetrics is on the frontlines of curbing this epidemic, and I’m excited to work with them to help bring their preventive solution to more patients in need.”
