WellDoc scores $22 million for BlueStar diabetes management platform
WellDoc, whose BlueStar technology is focused on adults with Type 2 diabetes, has drawn $22 million in a Series B round of funding from Samsung Ventures and existing investor Merck Global Health Innovation Fund. The company will use the money to continue commercialization and accelerate adoption of BlueStar.
Adage Capital Management, Excel Venture Management, Alexandria Venture Investments and Hudson River Capital Partners also participated in the funding round.
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Samsung and Excel will each provide one new member to the WellDoc board of directors.
BlueStar was cleared by the U.S. Food and Drug Administration for adults living with type 2 diabetes and their doctors. It requires a prescription from a licensed healthcare provider and can be dispensed by a pharmacy and reimbursed by a health plan. WellDoc's proprietary Automated Expert Analytics System powers BlueStar.
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WellDoc CEO Kevin McRaith describes the technology as enabling patients to 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 patients' healthcare providers.
He added that the company's goal is to help improve patient self-management, which ultimately leads to better outcomes as demonstrated in published clinical trials.
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"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," said McRaith in a press statement. "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."