$7 Million Round from Investors including Samsung Venture Investment Corporation to ramp up growth with health providers and payer groups
January 8, 201 4 – Glooko Inc., makers of a FDA-cleared mobile diabetes management system , announced today it has raised $7 million in a Series A-1 round from several new investors including Samsung Venture Investment Company (SVIC ) and Lifeforce Ventures as well as existing investors including The Social + Capital Partnership , Sundeep Madra and Yogen Dalal. Using this investment, Glooko will focus on enabling predictive diabetes care by delivering patient data and decision-making algorithms to health providers and payer groups. Samsung Venture Investment brings in strategic value given Samsung ’s leadership position in the mobile market globally.
“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,” said Rick Altinger, Glooko’s CEO. “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. The investors who have contributed to this round will help us achieve these goals.” Glooko’s existing investors participated in this financing round with a strong vote of confidence in the company’s vision and direction. “We believe that Glooko can fundamentally disrupt the way diabetes is managed here in the US and other parts of the world,” said Chamath Palihapitiya , Founder & Managing Partner, Social + Capital.
Glooko offers an FDA 510(k) cleared diabetes management system focused on making glucose data accessible to both patients and clinicians. The system includes the Glooko MeterSync Cable and Glooko’s mobile application-when combined, these tools allow for glucose data to be directly transferred from a glucose meter into a mobile device. The mobile apps integrate into the existing Glooko diabetes management web dashboards, which enable healthcare professionals and care management teams to remotely monitor and identify at-risk patients.
Glooko is available on both the iOS and Android operating systems – the company received FDA 510(k) clearance for its Android system and launched it in November . Across both mobile operating systems, Glooko currently supports data transfer between 26 glucose meters and 2 7 mobile devices.
By using Glooko’s population management and analytics tools , health systems and disease management organizations can increase focus on at-risk patients and achieve higher level of adherence to treatment plans among their diabetes population . Scripps Whittier Diabetes Institute is amongst notable health systems that are currently using Glooko’s diabetes management system .
About Glooko Inc.
Glooko is an innovative Silicon Valley startup with a unique diabetes management solution for patients, health systems, and payer groups. Glooko’s products – the Glooko mobile app, MeterSync Cable for iOS and Android, and Glooko Web Dashboard – enable clinicians to remotely access their patients’ blood glucose readings and related data. The company does so by allowing people with diabetes to download glucose readings to their smartphone. The company was founded in 2010 by technologist Yogen Dalal, mobile app developer Sundeep Madra, and Chamath Palihapitiya, then a Facebook senior executive. Endocrinologist Michael S. Greenfield, M.D., is chief medical officer. In addition to the founders, investors include Samsung Venture Investment Corporation, Social + Capital Partnership, Lifeforce Ventures, Judy Estrin , and Dr. Russell Hirsch.
About Samsung Venture Investment Corporation
Samsung Venture Investment Corporation manages investment and investment-related activities for Samsung affiliate companies. The investment mandate for Samsung Venture Investment Corporation tracks closely to the strategic priorities of Samsung affiliate companies’ core operating divisions, and encompasses investments in semiconductors, displays, telecommunications, and consumer electronics