One of the growing trends in the medtech industry is the rapid adoption of remote patient monitoring/telehealth. Glooko’s latest financing round is an example of the impact of the growing trend.
The Palo Alto, CA-based company raised $30 million in a series D round and specializes in remote patient monitoring and chronic care management solutions including diabetes and obesity. Glooko’s financing was led by Health Catalyst Capital along with participation from existing investors Canaan Partners, Georgian, Novo Nordisk, Insulet, and Mayo Clinic.
The new proceeds will accelerate execution of Glooko's commercial strategy, including increasing adoption of Glooko's remote patient monitoring platform, widening commercialization of products in clinical research and expanding into additional therapy areas.
"This is an unprecedented time in healthcare and technology,” Russ Johannesson, CEO of Glooko said in a release. “The demand for our platform demonstrates this sea-change. Glooko has experienced considerable growth, and this funding allows us to build on our strong momentum in providing the advanced technologies we're known for. Now more than ever, the healthcare industry is seeking new and smarter technologies, whether it's for patient care or researching new therapies.”
The remote patient monitoring/telehealth market exploded in 2020, brought on by COVID-19. Many companies in the space saw and continue to see tremendous growth. That includes interest from investors.
In November of last year, Eko, a digital health specialist raised $65 million series C round. The company has developed a platform of telehealth and AI algorithms for disease screening, and to launch a monitoring program for cardiopulmonary patients at home.