BeatO, a wireless diabetes monitoring device system, raised $5.7 million in funding led by W Health Ventures, a US-based venture capital firm.
The funding also saw participation from e-pharmacy PharmEasy (a Threpsi Solutions brand), Merisis VP, and existing investors Orios VP, Leo Capital, and others.
Including the latest funding round, the digital health startup has raked in over $10 million in investor funds since last year.
The company plans to use the fresh funds across two key areas – growth in subscriber base across multiple channels and geographies and product enhancement to provide care for other cardiometabolic conditions.
According to BeatO, its digital health platform combines real-time monitoring through its IoT-connected devices and app ecosystem to provide AI-driven personalized insights and proactive intervention by doctors and health coaches to patients with chronic conditions.
BeatO says that with around 463 million people with diabetes and 1.13 billion with hypertension worldwide, it plans to expand its presence beyond India to the ASEAN countries, Middle East, and the US to provide better health outcomes to people with chronic conditions.
Commenting on the new funding, Gautam Chopra, Co-Founder & CEO – BeatO, said, “Diabetes and Hypertension have been the major killers in this pandemic. With our holistic tech-based solution that supports end-to-end management for these conditions, we have a proven product and technology with a highly engaged and rapidly growing member base. We welcome our new partners in our exciting journey as we continue to address this large global problem and positively impact millions of lives.”
After the COVID-19 outbreak in India, BeatO reported double-digit month-on-month growth in members and revenues. BeatO has expanded to 500,000 app installs and 300,000 paid members (adding 25,000 paid members every month). The company’s revenues have soared 600% in the same period, and the company has reported an annual gross revenue run-rate of $10 million.
Mobile Wireless Technology & Device companies raised $146 million in seven funding deals in Q1 2021.