Devices & Diagnostics, Health IT, Startups

Telcare nabs $32M for mobile glucose monitoring

Telcare, which has developed mobile applications to monitor blood glucose levels for diabetics, has raised […]

Telcare, which has developed mobile applications to monitor blood glucose levels for diabetics, has raised $32.5 million in a Series C round.

The Bethesda-based digital health company, which also developed a HIPAA-compliant cloud for data storage, was founded in 2009. Funding was led by Norwest Venture Partners, with additional help from Mosaic Health Solutions and existing investors Sequoia and Qualcomm, the company said in an announcement.

Telcare says its product, Telserve, is the first FDA-approved glucose monitoring platform to connect caretakers and providers with patients to help monitor and better manage the condition, with proactive messages and reminders based on the data it captures. It includes personalized education while keeping the physician in the loop with updates and diagnostic information.

The platform includes CE marked and FDA cleared wireless glucometers. According to Telcare, payers are beginning to recognize the importance of mobile monitoring for diabetics and are increasingly covering the cost of the technology.

More than 25 million Americans – roughly 8 percent – have Type 2 diabetes, and the CDC estimates that 40 percent of Americans will develop diabetes in the future. Diabetes costs about $14,000 in medical care per individual per year and is responsible for over $245 billion in direct medical costs annually.

“Telcare is capitalizing on two trends: the need to provide better care at lower cost, and the innovation in mobile, connected devices to provide timely clinical care,” Casper de Clercq, partner at Norwest Venture Partners, said in a statement. Telcare is led by CEO Andrew Flanagan.

 

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