WellDoc, a Baltimore-based health information technology firm, announced Thursday that it raised $22 million from a second venture capital round to commercialize its diabetes management application.
The funding round, expected to close in January, was led by Samsung Ventures with existing WellDoc investor Merck Global Health Innovation Fund. Other investors include Adage Capital Management, Excel Venture Management, Alexandria Venture Investments and Hudson River Capital Partners LLC.
WellDoc developed its BlueStar mobile prescription therapy as a doctor-prescribed treatment management system for adults living with type 2 diabetes, in which the body does not produce insulin properly. Already approved by the Food and Drug Administration, BlueStar enables patients to better manage their diabetes, while providing their doctors with clinical information to help with treatment decisions.
"Our goal is to help improve patient self-management, which ultimately leads to better outcomes as demonstrated in our published clinical trials, as well as our commercial launch," said WellDoc CEO Kevin McRaith in a statement.
WellDoc has seen success with a regional rollout of the BlueStar application in Maryland, saying the data it accumulates has saved money on patient care.
"The convergence of medical apps and lifestyle data offers personalized insights that enable people with type 2 diabetes to improve their health," said Harry Kim, Samsung's global director of enterprise business health care, in a statement. "By partnering with WellDoc (and other industry leaders), Samsung aims to leverage the consumer technology people use every day to simplify and secure the mobile health experience."