WellDoc has raised $22 million in Series B funding round co-led by Samsung Ventures and existing investor Merck Global Health Innovation (GHI) Fund. Also participating were Adage Capital Management, Excel Venture Management, Alexandria Venture Investments and Hudson River Capital Partners LLC. The final closing is expected to occur by the end of January. As part of this round, Samsung Ventures and Excel Venture Management will each provide one new member to the WellDoc Board of Directors.
WellDoc will use the funds to continue commercialization and accelerate adoption of its flagship product called BlueStar. The FDA-cleared offering for adults living with type 2 diabetes and their doctors requires a prescription from a licensed healthcare provider, and can be dispensed by a pharmacy and reimbursed by a health plan. BlueStar is powered by WellDoc’s proprietary Automated Expert Analytics System and enables patients to self-manage their diabetes through real-time motivational, behavioral and educational coaching. The solution coordinates care by helping patients adhere to their treatment plan while also providing clinical decision support to the patient’s healthcare provider to optimize treatment decisions.
The round was co-led by Samsung Ventures and existing investor Merck Global Health Innovation (GHI) Fund.“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 Kevin McRaith, CEO of WellDoc. “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. 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.”
To date, WellDoc has had significant success with the initial commercial rollout of BlueStar. For instance, in a regional product demonstration primarily in the State of Maryland, 55 percent of targeted physicians prescribed BlueStar.
BlueStar users are highly satisfied with the product as demonstrated through usage and satisfaction surveys. In addition, the highest usage rates are derived from users who are over 60 years old, who represent an important market segment.