The $100m in Series F financing aims to help the company expand into the Middle East and Asian markets. Credit: shutterstock / everydayplus

Diabetes software company Glooko has been able to secure $100m in funding to back the expansion of its platform that connects systems and devices designed for diabetes management.  

The $100m in Series F financing aims to help the company expand into the Middle East and Asia. Glooko’s software platform is used by clinicians and healthcare facilities to link together medical and connected devices used by diabetics into a singular platform with single data output.

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The financing round, led by software and artificial intelligence investor Georgian, with backing from Health Catalyst Capital and Canaan alongside other investors, comes as the company appoints its newest CEO Mike Alvarez, formerly of the remote patient monitoring firm Qardio.

Speaking with Medical Device Network, Alvarez said: “Glooko has been around since 2011 and we’re some of the first pioneers in using technology to help aggregate data on people with diabetes. Fast forward the last ten years and the company has gone through a lot of growth and now we find ourselves as probably the largest aggregator of diabetes data in the US. We follow about 10,000 clinics and more than a million diabetes patients. “

Glooko works to remediate the fact that there are multiple competing devices and forms that diabetes care can take, from traditional syringe usage to smart pump devices. The software works to aggregate data from more than 200 diabetes devices and have all those data points presented to clinicians in one simple system.

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Alvarez added: “When you look at the landscape of digital healthcare companies, there was a sort of irrational exuberance during the pandemic, and there has been a realisation over the past four years where investors are now looking for companies who have a sound business plan and consistent growth. Our investors have really stepped up with an investment to do a few things.

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“In the US there are eight million patients taking insulin every day and we are tracking about a million of those so there is a lot of room for growth. We are currently present in the EU and North America, but we see a lot of space for growth in the Middle East and Asia. So, we will be expanding into those areas.”

Elsewhere in the diabetes device market, Medtronic has found itself the subject of a US Food and Drug Administration (FDA) recall over its MiniMed insulin pumps after it was found that a single drop could cause the device to malfunction.