Carbon Health, a telehealth company, announced the acquisition of Steady Health, a virtual diabetes clinic that uses data from continuous glucose monitoring (CGM) devices to provide personalized medical care from endocrinologists.
The financial terms of the acquisition were not disclosed.
According to the press statement, Steady Health’s acquisition accelerates Carbon Health’s rollout of a new primary care model, which integrates Carbon Health’s clinic footprint with virtual and hardware-enabled capabilities that deliver an omnichannel experience of high-quality, accessible healthcare.
“Over the past three years, we’ve built and launched the first CGM specialized virtual diabetes clinic in the U.S. We’ve built a suite of specialized tools that allow providers to monitor and understand patients and their diabetes at a depth not possible before. And we’ve provided care for hundreds of patients in our novel model that relies on chat, video, and continuous data instead of finger pricks and quarterly visits at a hospital,” said Steady Health founder and CEO Henrik Berggren.
Steady Health now has 70-plus virtual digital diabetes management clinic clinics across 13 states in the U.S. and plans to grow to 1,500 locations across the U.S. by 2025, the company said in a statement.
“Diabetes is one of the most pervasive and expensive health conditions in the U.S., and we are excited to partner with Henrik and his team at Steady Health to help elevate the management of diabetes,” said Eren Bali, Carbon Health Founder & CEO.
Carbon Health is headquartered in San Francisco and is backed by Dragoneer Investment Group, Brookfield Technology Partners (BTP), DCVC, and Builders VC. Last year, Carbon Health secured $100 million in Series C funding. Carbon Health has raised $160 million to date.
A total of 63 digital health companies were acquired in Q1 2021, compared to 52 in Q4 2020, according to Mercom’s Q1 2021 Digital Health Funding and M&A Report.