Podimetrics Earns $13.4M for Tech that Detects Diabetic Foot Ulcers in Veterans
Somerville, Massachusetts-based Podimetrics today announced the closing of a $13.4 million Series B funding round to accelerate the company’s presence within the U.S. Department of Veterans Affairs (VA) healthcare system.
Podimetrics SmartMat technology is currently in about 14 centers, Jon Bloom, M.D., CEO and co-founder of Podimetrics, told MedTech Boston. But the company sees a need to keep expanding.
Patients with diabetes use SmartMat to prevent or detect diabetic foot ulcers more quickly. An individual steps on the SmartMat for 20 seconds and the device scans for foot fever, Bloom said.
The technology works because when a person has inflammation, there is an increase in foot temperature.
“We are measuring a full thermogram of both feet that allows us to look for localized spikes in temperature,” Bloom said.
The technology collects and sends data to the Podimetrics care team, which triages findings to help patients receive appropriate, preventive treatments under the direction of their clinicians.
Instead of waiting for a foot ulcer to present, the SmartMat could detect warning signs earlier. Early detection could lead to prevention, and, if not, makes the ulcers more treatable in an outpatient facility.
When the condition has a chance to develop, it can be costly.
A diabetic foot ulceration-related amputation costs, on average, $100,000. And when the ulcers develop, individuals generally pay more for inpatient care.
But why the focus on the VA?
Bloom said that close to 25% of veterans receiving care have diabetes. There is an increased chance for that population to develop foot ulceration, compared to other individuals living with the condition.
And 80% of non-traumatic amputations result from diabetic foot ulceration.
While the funding will mainly drive expanding the reach of SmartMat within VA centers, Bloom said the company is speaking with health plans to get the technology implemented into health systems, which could help more patients.
Investors included Rock Health, Norwich Ventures and Scientific Health Development.