Digital health company Telcare has raised USD32.5 million in a Series C round of funding led by Norwest Venture Partners (NVP) and Mosaic Health Solutions with existing investors Sequoia and Qualcomm.
NVP Partner Casper de Clerq will join the Telcare board.
According to the American Diabetes Association, over 25 million Americans (approximately eight per cent of the population) have Type 2 diabetes. The CDC predicts that 40 per cent of Americans will develop diabetes in their lifetime. Diabetes costs about USD14,000 in medical care per individual per year and is responsible for over USD245 billion in direct medical costs annually.
"Telcare is capitalising on two trends: the need to provide better care at lower cost, and the innovation in mobile, connected devices to provide timely clinical care," says Casper de Clercq, partner at Norwest Venture Partners. "Diabetes is a chronic condition which is demanding for both patients and care givers. Telcare's FDA-cleared cloud and connected sensors represent a step change in the management of this condition at a fraction of diabetes related medical costs. Our investment in the company speaks to its leadership in Digital Health through collaboration with providers, payors and the FDA. The capital will allow Telcare to broaden its impact in diabetes and expand the platform to related chronic conditions."
"Norwest Venture Partner's expertise in digital health and combined experience in the clinical and consumer aspects of health management is invaluable as we embark on the next phase of Telcare's growth," says Andrew Flanagan, Telcare CEO. "Telcare is applying advances in consumer electronics and cloud computing to simplify life and improve diabetes care. Empowering patients and healthcare providers leads to improved coordination and health. This investment enables us to deliver on our vision by scaling our reach and capabilities."
