Virta turns into the subsequent digital well being unicorn, including $65M in Sequence D funding

Virta becomes the next digital health unicorn, adding $65M in Series D funding

Digital diabetes firm Virta scored $65 million in its Sequence D spherical led Sequoia Capital International Equities funding. 

This information comes roughly a yr after the San Francisco firm closed its $93 million Sequence C financing spherical. Immediately it stories elevating over $230 million in cumulative funding, pushing its valuation above $1 billion and marking it a unicorn firm. 

WHAT THEY DO 

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Virta acquired its begin as a digital Sort 2 diabetes coach that helps affected person change their food plan and life-style. It combines monitoring, teaching and distant monitoring capabilities with a nutrition-based ketogenic food plan. The corporate claims that it could assist Sort 2 diabetes affected person reverse their diabetes, as an alternative of simply slowing its development. 

Whereas this has been a considerably controversial place, Virta has come out with a a number of research which have demonstrated success charges in serving to sufferers decreasing their H1c ranges to under 6.5%

In October it introduced new choices for prediabetes and weight problems remedy utilizing the identical technique as with its Sort 2 diabetes software. 

WHAT IT’S FOR 

The corporate mentioned the brand new funds will assist it develop and help the brand new calls for within the diabetes house. 

“The choice for illness reversal ought to be obtainable to each particular person residing with a persistent metabolic situation,” Sami Inkinen, Virta Well being cofounder and CEO, mentioned in an announcement. “This funding spherical is a vital step ahead in making this a actuality and giving folks the chance to regain their well being, wherever they’re on their metabolic journey.”

MARKET SNAPSHOT 

Considered one of Virta’s greatest opponents within the digital diabetes house is Livongo, which additionally makes use of digital teaching strategies. In August Teladoc scooped up Livongo for a whopping $18.5 million

One other main competitor is Omada, a digital persistent illness administration firm. Its product line consists of providers for Sort 2 diabetes, hypertension and psychological well being circumstances. In Might it bought digital musculoskeletal care supplier Physera for a reported $30 million.

 

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