Podimetrics Secures $45M Series C Funding to Expand SmartMat Platform for Early Diabetic Foot Ulcer Detection

Foot Ulcers or Infections Are Major Lower Extremity Complications Affecting Patients with DiabetesA 2019 study by Tan TW et al. on patients with diabetes found that up to 34% of adult diabetic patients will experience diabetic foot problems during their lifetime. Diabetic foot ulcers (DFU) increase the risk of foot infections, lower-limb amputation, and death. As ulcers serve as entry points for microorganisms, more than one-third of DFUs are already infected at the time of clinical presentation. Patients with diabetic foot infection (DFI) have poor clinical outcomes, with over 15% of DFI patients dying within one year after diagnosis.20% will undergo major amputation surgery. According to statistics from Podimetrics, in the United States, a patient undergoes amputation due to diabetes complications every four minutes.

Podimetrics is the SmartMat foot temperature monitoring mat^TMand the creator of integrated clinical nursing services for diabetes, with the aim of helping to save the limbs and lives of patients with complex diabetes. The companyAnnounced on March 24, 2022, the completion of a $45 million Series C financing round led by D1 Capital Partners, with continued participation from existing investors Polaris Partners and Scientific Health Development. Prior to its Series C round, Podimetrics had raised$28.3 millionfunds to promote its SmartMat^TMdevelopment and distribution.

With the funds raised in this round of financing, Podimetrics plans to focus on recruiting and building product development and research teams, while expanding the scope of services provided by its nurse support team.. This new funding will help more at-risk providers and health plans drive broader adoption of Podimetrics’ SmartMat^TM, in order to improve care outcomes for patients at high risk of diabetic foot ulcers (DFU).

“A significant proportion of diabetes patients are not detected by the healthcare system during the preclinical stage.”Dr. Jon Bloom, CEO and Founder of PodimetricsDuring his tenure as a Clinical Assistant Professor and anesthesiologist at the University of Pittsburgh Medical Center, he frequently treated patients undergoing amputations due to diabetic foot complications, which made him realize the need for a less extreme approach to managing such diabetic complications.

AnotherFounder and Chief Technology Officer David LindersIt was during a meeting with amputees at the prosthetics research laboratory that I first realized the devastating impact of diabetic foot ulcers (DFU).The two met in 2011 while studying at the MIT Sloan School of Management., and subsequently due toShared Aspirations in the Treatment of Diabetic FootFounded Podimetrics.

CEO and Founder Jon Bloom CTO and Founder David Linders

Dr. Jon BloomInEarned a Medical Degree from the University of Pittsburgh School of Medicine, and inCompleted Residency Training at Massachusetts General Hospital, with over 20 publications on healthcare economics and surgical complications. He has more than 20 years of experience in technology development, patient monitoring, biomedical research, and healthcare services. Previously, he served as the Global Director of Medical Affairs for the Respiratory and Monitoring Solutions division at Covidien.

As Chief Technology Officer,David LindersPossessMaster of Science in Mechanical Engineering from the Massachusetts Institute of Technology and an MBA from the MIT Sloan School of Management, as part of the Global Operations Leadership Program. At the company, he is primarily responsible for overseeing the development and manufacturing of all Podimetrics hardware products. Previously, David helped develop an implantable device for radiation-guided lung cancer treatment at Calypso Medical (now owned by Varian Medical Systems), and co-founded and led technology development at LiteTouch, a physical therapist sensor company.

SmartMat Foot Temperature Monitoring Mat^TMThe application isSkin Temperature Monitoring Technology, this technology first emerged in the 1970s, leveraging the principle that skin inflammation causes changes in surface temperature, and was initially applied to identify ulcer risk. Jon and David utilized this principle,Breakthrough in Technical Challenges of Temperature Monitoring and Data Statistics, resulting in the development of this remote wireless temperature-sensing foot mat.

SmartMat^TMCapable of achievingMeasurement, Collection, and Analysis of Plantar Temperature. This product is an infinite carpet measuring 30*43cm with rounded edges. The exterior is made of waterproof fabric, the interior is equipped with temperature sensors and filled with foam. The device remains in standby mode at all times, requiring no additional setup by the patient prior to use.Simply stand on the temperature-sensing mat for 20 seconds.。

SmartMat Foot Temperature Monitoring Mat^TM

During this period, the device utilizes approximately 2,000 thermistor sensorsRecord plantar temperature and generate a temperature map. ThisTemperature map accuracy: ±0.6°C (±1°F), the device is highly accurate within a temperature range of 15–40°C, with an accuracy of 0.1°C. After notifying the patient that the scan is complete, the mat securely transmits the scan data via cellular mobile networkTransmitted to the server managed by the manufacturer(compliant with the Health Insurance Portability and Accountability Act of 1996), and conduct statistical analysis of podiatric metrics.Podimetrics’ internal care team will proactively communicate with and provide preventive care to users exhibiting potential risk for diabetic foot ulcers (DFU), based on the analysis results.。

Comparison of temperature measurement data between participants who did not develop new diabetic foot ulcers (DFUs) during the study period (left) and those who developed DFUs (right) (in the thermograms, the plantar aspect is viewed from below, so the right foot appears on the left side of the image)

Based on extensive clinical data statistics, Jon and David discovered that the occurrence of diabetic foot ulcers (DFU) can be predicted by the asymmetry threshold of plantar temperature.When the threshold for asymmetry in foot temperature is 2.22°C, SmartMat^TMCapable of detecting 97% of DFUs five weeks before clinical manifestation。

Summary of DFU Prediction Using Four Types of Asymmetric Temperature Thresholds

DFU outcomes depend on the timeliness of treatment and the severity of DFU at the time of presentation. A review study by the American Diabetes Association indicates that SmartMat^TMEffective early prediction of DFU enables the potentialAmputations reduced by 71%, hospitalizations by 52%, emergency department visits by 40%, and outpatient visits by 26%。

According to statistics from the American Diabetes Association, the economic cost of diabetes in the United States reached $327 billion in 2017, with $109 billion spent on lower-extremity complications of diabetes. Among the 1 million patients with diabetic foot ulcers (DFU) each year, 20% require amputation surgery, with each procedure typically costing over $100,000.

Preclinical detection and the implementation of corresponding preventive care can significantly reduce healthcare costs. According to SmartMat^TMUser Data Statistics: Obtaining Preventive Care Plans Provided by the Internal Team,Each user can save $8,000–$13,000 in related medical expenses annually.. Preclinical intervention in complications not only reduces healthcare costs but also avoids treatment outcomes at the expense of amputation surgery.

Podimetrics, Inc. has currently received approval9 U.S. Patents, product SmartMat^TMCompliantHIPAA Standards，FDA Approvedand possessSeal of Approval from the American Podiatric Medical Association (APMA). Regarding the effectiveness of DFU prediction and care outcomes, as well as the improvement in healthcare financial expenditures and patient outcomes for those with DFU, Podimetrics has currently obtainedCollaboration with the U.S. Military Health System, andParticipate in the U.S. National Health Initiativeplan, the company's revenue and team size are also continuously expanding.

However, backend data shows that 86% of users use the temperature-sensing mat more than three times per week. Although 88% of users consider the product extremely easy to use,There is still significant room for improvement in user adherence.。Podimetrics intends to enhance user experience by expanding its research and care teams, thereby boosting user adherence and acquiring more real-world data.. This is conducive to further efforts by the research teamOptimization Algorithm，Improving the Accuracy of DFU Prediction; and beneficial to the nursing teamAccess More Patient Cases，Optimized Nursing Practices。

Currently, no domestic companies in China specializing in the prevention and care of diabetic foot have been identified.For relevant projects or products, companies are welcome to contact VCBeat!

References:

Tan TW, Shih CD, Concha-Moore KC, Diri MM, Hu B, et al. (2019) Correction: Disparities in outcomes of patients admitted with diabetic foot infections. PLOS ONE 14(4): e0215532. https://doi.org/10.1371/journal.pone.0215532