Podimetrics—a company focused on diabetic foot health—announced Thursday that it has raised $45 million in funding to grow its product development and research teams, and expand the clinical services offered by its nurse support team.
Podimetrics created the FDA-cleared SmartMat to help with early detection of foot health issues and prevention of foot ulcers.
The Somerville, Massachusetts-based company is going to use part of its funding to double the size of its current workforce, increasing from 85 employees to about 170 in 2022.
The Series C round was led by D1 Capital Partners and two new investors: the Medtech Convergence Fund and an undisclosed strategic investor. Existing investors, Polaris Partners and Scientific Health Development, also contributed.
“This funding is a new chapter in growth and acceleration for Podimetrics and the vulnerable population we serve,” said Jon Bloom, CEO and co-founder of Podimetrics, in an email provided by a representative. “With new capabilities on the horizon, we can better target our efforts to directly help those in need and move to eliminate the needless suffering from diabetic amputations.”
He said the company is also working to reduce disparities in care, where Black Americans with diabetes undergo amputations at twice the rate of White people.
Podimetrics works with health plans and physicians to provide the SmartMat and associated clinical services to complex patients with diabetes who often have other chronic conditions as well. Patients who use the mat, step on it for 20 seconds a day, and it detects temperature changes in the foot. These can be an early sign of inflammation, which may occur before a patient develops a diabetic foot ulcer.
HIPAA-compliant, SmartMat is remotely monitored by Podimetrics’ in-house nurse support team, according to the company. If the data from the mat indicate potential health issues, the company’s nursing team reaches out to the patient and the patient’s health provider to discuss next steps in care.
Research published in the Journal of Clinical Medicine found that having diabetic foot ulcers raised a person’s risk of death as well as amputation, and was associated serious conditions from kidney disease to heart disease.
Apart from Podimetric’s SmartMat, other companies have also homed in on prevention of diabetic foot ulcers to enhance diabetes care. Siren, for example, developed Siren Socks, which have tiny sensors built into the fabric that detect temperature changes; these may indicate a foot injury, and prompt treatment can prevent a foot ulcer from developing. Additionally, Orpyx Medical Technologies makes custom insoles with embedded sensors that monitor for changes in pressure, temperature and movement that may indicate a person has a food injury and provides real-time alerts to health professionals to prevent diabetic foot ulcers.
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