Glooko, the leader in diabetes data management, today announced $35 million in new funding to accelerate growth, expand international presence, and deepen expertise in data analytics. This round was led by Georgian Partners, a Toronto-based investor focused on applied analytics and machine learning. Other new investors include Insulet Corporation and Mayo Clinic who join existing investors Canaan Partners, Social Capital, Medtronic and Samsung Next in the round.
Glooko will use the funds to accelerate growth by expanding its sales, marketing and development teams. The company will also increase commercialization efforts in France, Germany, the U.K., Asia and the Middle East, and further development efforts in data analytics and artificial intelligence to provide personalized insights that drive meaningful behavior change.
“Glooko has demonstrated great traction and growth. Its scalable, device-agnostic platform not only meets the needs of people with diabetes, it also benefits health insurance plans, employers, pharma and health systems that want to effectively manage large populations of people with diabetes," said Simon Chong, managing director at Georgian Partners. "We are excited to become a part of the Glooko investment team, working with Glooko on its analytics-driven approach to delivering both personal and clinical support to the diabetes community.”
Glooko’s diabetes data management solutions help more than one million patients served by 6,000+ providers and a growing number of health plans around the world. Glooko provides payers, employers, pharmaceutical companies and health systems with a diabetes digital health platform that deliver personalized and actionable insights to people with diabetes and their care teams that aim to drive improved outcomes at a lower cost.
Glooko’s demonstrated improvements in outcomes to manage diabetes are part of a larger effort to combat the growing epidemic. Globally, the cost of diabetes has risen to $825 billion a year and the number of adults with diabetes reached 422 million worldwide in 2016. Without systemic changes to diabetes management, this number could grow to 700 million by 2025, according to a study reported in The Lancet.
“This additional funding will help us to further our mission: to improve the lives of people with diabetes,” said Rick Altinger, CEO of Glooko. "With this capital, we will accelerate our investments in clinical solutions that aim to increase medication adherence, provide personalized insights and prompts that drive behavior change for people with diabetes, and deliver clinical decision support to thousands of clinicians and coaches so they can better support people with diabetes in between office visits."