Digital health technology company WellDoc today announced $22 million in Series B funding led by Samsung Ventures and Merck Global Health Innovation (GHI) Fund serving as co-lead. Other participants in the round include Adage Capital Management, Excel Venture Management, Alexandria Venture Investments and Hudson River Capital Partners LLC.
Welldoc plans to utilize the funding to continue commercialization and accelerate adoption of its flagship product, BlueStar, a FDA cleared mobile prescription therapy developed for adults living with type 2 diabetes and their doctors. Mobile prescription therapy fills the support gap between patients and providers during the 8700 hours that individuals are living their lives outside the healthcare system. The patient-centered product requires a prescription from a licensed healthcare provider and can be dispensed by a pharmacy and reimbursed by a health plan.
Powered by WellDoc’s proprietary Automated Expert Analytics System, BlueStar enables patients to self-manage their diabetes through real-time motivational, behavioral and educational coaching. BlueStar coordinates care by helping patients adhere to their treatment plan while also providing clinical decision support to the patient’s healthcare provider to optimize treatment decisions.
“The success of our initial commercial launch of BlueStar has provided us with valuable information that we will use to expand nationally to bring BlueStar to adults with type 2 diabetes,” said Kevin McRaith, CEO of WellDoc in a statement. “Our goal is to help improve patient self-management, which ultimately leads to better outcomes as demonstrated in our published clinical trials, as well as our commercial launch. The progress reported by those who have used BlueStar to date, and the data we have captured from that usage, motivates us to find new ways to make our product available to more people. With the financial contributions and strategic capabilities of the investors participating in our Series B, we can take WellDoc and BlueStar to the next level – evolving our business model and distribution channels.”
In a regional product demonstration primarily in the State of Maryland, 55 percent of targeted physicians prescribed BlueStar. The real-time data captured in the product aids in predictive analytics that can lead to cost avoidance and monetary savings. BlueStar users are highly satisfied with the product as demonstrated through usage and satisfaction surveys. In addition, the highest usage rates are derived from users who are over 60 years old, an important market segment.
