Virta Health has raised $133 million in a series E financing in its bid to reverse type 2 diabetes. The San Francisco, CA-based company said the funding round will help it speed up efforts to drive the widespread adoption of its telehealth-powered diabetes reversal treatment.
The round was led by Tiger Global.
The company said its custom-designed app medical records system helps physicians and nurses provide expert medical care, when and where patients need it.
In peer-reviewed clinical studies, 94% of patients using insulin decrease or eliminate their dosage at one year, and 63% of all diabetes prescriptions are eliminated. Medication reduction occurs simultaneously with an average drop in HbA1c (a measure of blood sugar) of 1.3%—a figure that rivals drug therapies.
Virta’s weight loss results exceed the goals of the National Diabetes Prevention Program and the FDA benchmark for weight loss drugs by nearly 150%. For healthcare payers, these improvements can translate to an estimated $5,000 per patient per year in gross savings.
“The norm in diabetes care has been more medications, more weight gain, and more suffering. Diabetes reversal changes this,” said Sami Inkinen, Virta Health Co-founder and CEO. “We have shown a path for people to live medication and diabetes-free, and this investment is about reaching even more people and taking diabetes reversal mainstream.”