Podimetrics creator of the FDA-cleared SmartMat™ and integrated clinical care services that can help save the limbs and lives of complex patients with diabetes, today announced a $45 million Series C round led by D1 Capital Partners, along with two new investors, the Medtech Convergence Fund and an undisclosed strategic investor.
Existing investors, Polaris Partners and Scientific Health Development, also participated in the financing. Prior to their Series C, Podimetrics had raised $28.3 million in funding to fuel development and distribution of their SmartMat.
With this latest round of funding, Podimetrics plans to focus on hiring to build out their product development and research teams, while also expanding the breadth of services delivered by their nurse support team. This new funding will help even more at-risk providers and health plans drive broader adoption of Podimetrics’ SmartMat so they can improve care outcomes for at-risk patients dealing with diabetic foot ulcers (DFUs) that often lead to amputations.
Podimetrics, founded in 2011, developed the SmartMat — the only easy-to-use, at-home mat that a patient steps on for 20 seconds per day. The mat detects temperature changes in the foot, which are associated with early signs of inflammation, often a precursor to DFUs. The FDA-cleared and HIPAA-compliant SmartMat is remotely monitored by Podimetrics’ in-house nurse support team. If the data from the mat are indicative of potential health issues, Podimetrics’ nursing team connects with the patient and the patients’ provider in as close to real time as possible. The SmartMat, which also has the Seal of Approval from the American Podiatric Medical Association, has already been used by thousands of patients through partnerships with leading risk-based healthcare providers and regional and national health plans, such as the Veterans Health Administration.
“The patients we serve at Podimetrics are extremely complex and have been largely ignored by our healthcare system,” said Jon Bloom, MD, CEO and Co-founder of Podimetrics. “With our SmartMat and this latest funding, we have the chance to put an end to ‘Civil War’–era amputations with early, home-based detection. We also have the opportunity to improve the overall health and well-being for patients dealing with diabetes because of the close relationship we’ve built through our trusted technology and clinical services.”
In a previous multi-center trial, diabetic foot complications were shown to be detected up to five weeks before they presented clinically. Even after one full year, about 70% of patients continued to use the SmartMat regularly. Early detection and related preventive care actions often result in significant cost-savings, too, anywhere from $8,000–$13,000 in savings per member per year (savings estimates based on customer research and analysis). In addition, considering Black Americans and Hispanics are two to three times more likely to require a diabetic amputation than others, Podimetrics’ SmartMat holds the power to help support health equity advancements over time.
Recent peer-reviewed research has also suggested the following benefits among patients using the SmartMat at home: 71% elimination of amputations; 52% reduction in all-cause hospitalizations; 40% reduction in emergency department visits; and a 26% reduction in outpatient visits.
Building on these notable data-driven findings, most recently Podimetrics published peer-reviewed research in Diabetes Research and Clinical Practice, the journal of the International Diabetes Federation. This research found that during episodes-of-care for DFUs, patients are 50% more likely to die and nearly three times more likely to be hospitalized. What this research shows is that patients with a DFU tend to have multiple other chronic health conditions, putting them at higher risk for hospitalization and even death. In addition, these medically complex patients are often among the costliest patients within a healthcare system. As a result of this research, diabetic foot complications can and should be viewed as indicators of other costly chronic conditions not commonly associated with DFUs.
In addition to this research, which was published in January 2022, Podimetrics has already gotten off to a strong start in 2022. The company doubled its revenue for the third year in a row, and also doubled the size of its team.
“We are proud to partner with Podimetrics and to support its efforts to save lives and limbs,” said James Rogers, Investment Partner with D1 Capital Partners. “Our growth capital will expand commercialization of the SmartMat which we believe has demonstrated the ability to reduce unnecessary healthcare costs through preventive, risk-based strategies that prioritize high-quality outcomes for vulnerable patients. We believe that Podimetrics is building a strong team and are honored to support its worthy mission.”
