Podimetrics Secures Additional $8 Million in Series B-2 Funding
**Somerville-based virtual diabetes care provider Podimetrics has announced the successful close of its Series B-2 funding round, securing an additional $8 million, bringing the total raised to an impressive $24.6 million.**
The funding round was led by existing investors Polaris Partners, Rock Health, Norwich Ventures, and Scientific Health Development, demonstrating their continued confidence in Podimetrics’ mission and growth potential.
Podimetrics Expands Advisory Board with Renowned Healthcare Leaders
**In a strategic move to enhance its advisory team, Podimetrics has welcomed three prominent healthcare professionals to its advisory board:**
* **Dr. Foluso Fakorede**, Endovascular Specialist and CEO of Cardiovascular Solutions of Central Mississippi
* **Doug Ghertner**, CEO of IVX Health and former CEO of Change Healthcare
* **David Joyner**, Former EVP of Sales and Marketing at CVS Health
These industry veterans bring a wealth of experience and expertise in clinical care, biotechnology, and healthcare business strategy, further strengthening Podimetrics’ leadership team.
Podimetrics’ Innovative Platform for Diabetic Foot Ulcer Detection
**Podimetrics has developed a groundbreaking connected platform designed to detect diabetic foot ulcers, a debilitating complication associated with diabetes.**
The platform consists of a cellular-connected SmartMat for home use and a corresponding clinician-facing dashboard. Patients stand on the SmartMat daily for 20 seconds, during which time the device collects foot-temperature scans and transmits the results to Podimetrics’ care team. The system alerts clinicians if necessary, enabling timely intervention to prevent ulcer formation.
Podimetrics’ Partnership with the Department of Veterans Affairs
**Podimetrics has established a significant partnership with the Department of Veterans Affairs (VA), providing its devices to 40 VA medical centers.**
This collaboration reflects the company’s commitment to addressing the high prevalence of diabetic foot ulcers among the veteran population. Podimetrics’ devices enable remote monitoring and timely intervention, reducing the risk of amputations and other complications.
Podimetrics’ Growth and Market Opportunity
**Podimetrics has experienced remarkable growth in recent months, witnessing a 300% surge in the first half of 2023 compared to the previous year.**
The company’s CEO, Dr. Jon Bloom, attributes this growth to the increased demand for remote monitoring solutions amidst the COVID-19 pandemic, particularly for high-risk patients. Podimetrics’ platform provides critical monitoring services in the comfort of patients’ homes, reducing their risk of virus exposure and preserving healthcare resources.
Investment to Enhance Growth and Partnerships
**Podimetrics plans to utilize the newly acquired funds to support its continued growth, accelerate its work with the VA, and expand its collaboration with commercial payers nationwide.**
The company’s innovative technology and strong partnerships position it as a leader in the diabetic foot ulcer detection market, addressing a significant unmet need in healthcare.
Competitive Landscape
**Other companies operating in the diabetic foot ulcer detection space include Orpyx Medical Technologies, Siren, Wellpepper, and Bluedrop Medical.**
While some of these competitors employ different technologies (such as in-shoe sensors or smart textiles), Podimetrics’ connected platform with remote monitoring capabilities differentiates it in the market.
Advisory Board Member Perspective
**Dr. Foluso Fakorede, a newly appointed advisory board member, emphasized the importance of Podimetrics’ mission:**
“Despite being largely preventable, diabetic amputations are a significant problem in our country, especially in the African-American community,” he said. “Podimetrics is at the forefront of combating this epidemic, and I am eager to collaborate with them to ensure that their preventive solution reaches more patients in need.”
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