Glooko Raises $7 Million Series A-1 for Diabetes Management App

5-12-2013 1-12-11 PM

Palo Alto, CA based Glooko announces a $7 million Series A-1 funding round led by Samsung Venture Investment Company with participation from Lifeforce Ventures and existing investors The Social + Capital Partnership, Sundeep Madra, and Yogen Dalal. Glooko closed its original $3.5 million Series A round in 2012, and has now raised a total of  $11.5 million in investments since its 2011 launch.

Glooko has been working on a mobile app that works with dozens of different glucometers and smartphones, essentially creating an interoperable app-based platform for diabetes patients to track their glucose levels and monitor changes to their condition. The company received FDA 510(k) approval in May, and has been slowly growing both its customer base and the number of devices it supports ever since.

Currently, Glooko claims that their platform is capable of integrating with 85 percent of the glucometers in use in the US today. The system relies on a sync cable that connects with a variety of glucometers and pushes data to either an iPhone or an Android device. The data is transferred to an app where patients can trend activity, and authorized care providers can remotely monitor patient glucose levels.

With the new funding, Glooko will reportedly begin to tackle predictive health algorithms that it hopes will not only allow it to monetize its platform, but that will also help patients more effectively manage their conditions.

“Over the last two years, Glooko has built a diabetes management infrastructure bent on liberating blood glucose data from glucose meters and making it accessible to patients and clinicians.Our next steps are to scale Glooko’s system to global accessibility and to add a layer of analytics and messaging capable of making therapeutic recommendations for diabetes management.” – Rick Altinger, CEO of Glooko.

There is little detail on what types of predictive tools the company will target, but the press release suggests that they will market the new tools to care providers and health systems, presumably those involved in ACOs and with population health ambitions.

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