Livongo nabs $52 million to expand beyond diabetes to other chronic conditions
Livongo Health, the diabetes management startup launched by former Allscripts CEO Glen Tullman, has landed a $52.5 million round of funding.
It could be a game-changer. The latest investment could not only help the company grow its diabetes coaching and management work, but also to take on the management of other chronic conditions.
“This new funding will accelerate our investments in R&D and expansion of our rules engine from 10,000 to more than 100,000 rules, allowing us to completely personalize the experience our members have,” Tullman said in a news release.
To date, Livongo's growth has been driven by rapid adoption of its diabetes management technology among leading Fortune 500 companies as well as four of the seven largest health plans in the country, also among health systems, and two of the three largest pharmacy benefits managers.
According to Tullman, Livongo reaches more than 3 million covered lives and the company's U.S. growth is a strong foundation for expansion to international markets.
Livongo members spend more time-in-range in the first month of use and show a reduction in HbA1c within the first 90 days sustained to at least 180 days, Tullman said. A recent third-party study found that Livongo optimizes utilization and decreases diabetes-related medical costs across the covered population.
Information management services company Iron Mountain is a customer.
"Livongo has really connected with our people who have diabetes," said Scott Kirschner, director of benefits strategy at Iron Mountain. "We're seeing improved clinical results and cost savings, which have been documented by independent consultants.”
The new funding round was co-led by existing investor General Catalyst and international investment company Kinnevik and joined by Singapore-based EDBI, American Investment Holdings LLC, and Microsoft Ventures.
All previous investors participated in the current round as well.