Podimetrics, a care management company with the leading solution to help prevent costly and deadly diabetic foot ulcer (DFUs) has raised $13.4M in Series B funding round from investors Rock Health, Norwich Ventures, and Scientific Health Development.
Impact of Diabetic Foot Ulcers for Patients
Diabetic foot ulcers are a major complication of diabetes and are one of the most devastating and costliest diabetes complications -they can lead to debilitating amputations that cost on average $100k. In the year after healing from an ulcer, as many as 40% of patients will reulcerate. In fact, one in every three dollars spent on diabetes is linked to foot ulcers, necessitating prevention in technologies. Foot temperature monitoring is recommended by the International Working Group on the Diabetic Foot and the American College of Foot and Ankle Surgeons for preventing DFUs and other inflammatory foot diseases.
A World Without Foot Ulcers
Founded in 2011 by a physician and engineers from MIT and Harvard, Podimetrics’ FDA-cleared solution remotely catches early signs often five weeks before they would present clinically and triages any concerns to help prevent devastating problems. With Podimetrics, patients simply place their feet on a cellular-connected SmartMat for just 20 seconds a day. The data is then seamlessly and automatically sent to the Podimetrics care team, which triages any concerning findings to help patients receive appropriate, preventive treatments under the direction of their clinician.
Expansion into VA Market
Podimetrics will use the funding to continue growing its business within the VA, where one out of every four veterans has diabetes and 80 percent of non-traumatic amputations are from a DFU. The VA recently released a national guidance document recommending Podimetrics for high-risk patients. Additionally, the company will continue to grow its business among commercial payers.
“Diabetic foot ulcers are one of the most devastating and costliest diabetes-related complications,” said Podimetrics co-founder and CEO Dr. Jon Bloom. “At Podimetrics, we are working diligently to prevent DFUs, remotely catching early signs often five weeks before they would present clinically. As the son of a veteran, it is gratifying to know this funding will accelerate our efforts to bring this solution to more patients, especially in the VA system
