One Drop, a digital therapeutics provider for (diabetes and other chronic conditions) for people living with diabetes, pre-diabetes, high blood pressure, and high cholesterol, raised $34.7 million Series C financing led by German pharmaceutical and life sciences company Bayer.
The company also secured $64 million (in development commitments and potential commercial milestones) from Bayer, which the company said will expand its offerings into cardiology, oncology, and women’s health.
One Drop offerings include wireless blood glucose monitor system and data-driven self-management app, sold directly to consumers and through healthcare channels. The subscribers will receive replacement testing strips through the mail and can track their glucose levels, diet, activity, and insulin doses through the companion app; and connect to a coach for any assistance. The company also delivers one-on-one coaching and personalized health transformation plans for individuals.
“Building new digital business models is a key element of our business strategy with the ambition to actively shape the future of healthcare,” said Jeanne Kehren, Ph.D., Head of Digital & Commercial Innovation and Member of the Pharmaceuticals Executive Committee of Bayer.
Jeanne Kehren added, “We are convinced that a data-driven approach will empower patients to drive better outcomes for themselves and will bring back the person, not the disease, as the point of focus. The new collaboration with One Drop allows Bayer to further accelerate its evolution towards a digital health business and paves the way for new integrated care patient service offerings.”
In April, One Drop acquired Sano Intelligence, the maker of a non-invasive connected CGM patch, for an undisclosed amount.
Founded in 2015, One Drop has raised almost $100 million to date. The company employs about 60 people with an office in New York.
Mobile Wireless Device companies raised $216 million in the first half of 2020. Recently, Diabeloop, the developer of a connected type 1 diabetes management system, raised €31 million ($34 million) in Series B funding.
Image Credit One Drop