Podimetrics, a Somerville, Mass.-based virtual care management company with a solution to help prevent diabetic amputations, closed its $8.6m Series B-2 funding round.
Backers included existing investors Polaris Partners, Rock Health, Norwich Ventures, and Scientific Health Development. The round brought the total Series B funding to $24.6m.
The company also announced that Dr. Foluso Fakorede, Doug Ghertner and David Joyner joined the advisory board.
Dr. Fakorede is an endovascular specialist and the CEO of Cardiovascular Solutions of Central Mississippi, which provides comprehensive cardiovascular care, and Fusion Vascular, an outpatient lab focused on preventive vascular medicine and limb salvage.
Mr. Ghertner is CEO of IVX Health, which provides biologic injections and infusions in a private, convenient, and comfortable setting for patients with a range of complex chronic conditions. He has over 20 years of experience in the health care industry, including senior roles at CVS Health, Change Healthcare, and Emdeon. Most recently, he was CEO of Change Healthcare, a technology company that provides data and analytics-driven solutions to improve clinical, financial and patient engagement outcomes, prior to its sale to Emdeon.
Mr. Joyner is the former Executive Vice President of Sales and Marketing and member of the Executive Leadership Team for CVS Health. In this position, Mr. Joyner oversaw all sales and marketing functions, representing over $140 billion in annual PBM revenues. He has more than 34 years of healthcare experience with extensive knowledge of all payor markets including employer, health plan and government. He also has a proven record leading businesses and high performance teams through both rapid organic and M&A growth.
In addition to Dr. Fakorede, Mr. Ghertner, and Mr. Joyner, Podimetrics’ board of scientific and health care industry advisors includes:
- Dr. David Armstrong, Professor of Clinical Surgery at the University of Southern California, and Professor of Surgery and Director, Southwestern Academic Limb Salvage Alliance;
- Dr. Kenneth Kizer, former VA Undersecretary for Health, founding President and CEO of the National Quality Forum, former Chief Medical Officer for the California Department of Managed Health Care, and current Co-Chair of the National Quality Task Force;
- Dr. Larry Lavery, Professor of Plastic Surgery, Orthopedic Surgery, and Physical Medicine & Rehabilitation at UT Southwestern Medical Center, Medical Director of UT Southwestern’s Comprehensive Wound Care Center, and Director of the Amputation Prevention Program at Parkland Memorial Hospital; and
- Dr. Paul Manberg, former executive of regulatory and clinical development programs at CSA Medical Inc. Covidien, Aspect Medical Systems, and EMD Serono.
Founded in 2011 by a physician, engineers, and graduates from MIT and Harvard, and led by Dr. Jon Bloom, CEO, Podimetrics provides a solution to help prevent diabetic amputations by combining technology with care management. The company provides its FDA-cleared SmartMat through partnerships with payers and at-risk providers, including the Veterans Health Administration. After placing their feet on the mat for just 20 seconds a day, patients’ data are automatically sent to the company’s care management team, which helps address any concerning findings. Its services are used by patients across the country, including in more than 40 VA medical facilities. The SmartMat™ is FDA-cleared, has the American Podiatric Medical Association Seal of Approval, and is manufactured in Massachusetts.