Podimetrics Secures $13.4M Series B Funding to Advance RTM System for Diabetic Foot Ulcer Prevention

VCBeat (WeChat Official Account: vcbeat) learned from foreign media that on May 9 (U.S. local time), medical technology company Podimetrics completed a $13.4 million Series B financing round. The proceeds from this round will be used to support the company’s research and development of medical technology products for monitoring foot ulcers, helping diabetic patients reduce the occurrence of complications, improving the diagnostic and treatment efficiency of healthcare institutions, and lowering patients’ medical costs.

It is reported that this round of financing was jointly invested by Rock Health, Norwich Ventures, and Scientific Health Development Partners.

Podimetrics, founded in 2011 and headquartered in Massachusetts, USA, is a medical technology company dedicated to developing advanced medical technologies to address complications in patients with diabetes. The company’s primary technological product is the RTM system.

Diabetic foot ulcers are a major complication of diabetes. Moreover, foot ulcers are the leading cause of below-knee amputations, with each episode incurring medical costs exceeding $20,000. Therefore, preventive measures must be taken to reduce the risk of diabetic foot ulcers in patients with diabetes and to lower their medical expenses.

Podimetrics has developed the RTM system to help patients with diabetes monitor for the onset of foot ulcers. The RTM system is an online detection technology product that collects foot temperature data through scanning. Patients simply need to place their feet on the device for 20 seconds each day; the instrument automatically scans and uploads the relevant data. Podimetrics’ medical team analyzes this data and informs diabetic patients at risk of foot ulcers of the results, facilitating timely diagnosis and treatment to alleviate pain and prevent further complications.

Dr. Jon Bloom, Co-founder and CEO of Podimetrics, stated, “Diabetic foot ulcers are one of the key complications that patients with diabetes need to prevent. The company is committed to identifying early signs of complications to help patients receive timely treatment. We are grateful for the support from our new round of investors. We will use the funds from this financing round to expand our business operations, and we plan to next promote the RTM system among veterans. It is well known that military personnel have a higher prevalence of foot conditions.”

Philip Romano, Founder and General Partner of Scientific Health Development Partners, stated, “We are highly optimistic about the growth prospects of Podimetrics. Diabetes is one of the most prevalent conditions in the United States. While focusing on diabetes treatment, we must also develop medical technologies to prevent its complications. We look forward to collaborating with Podimetrics to jointly improve the health outcomes of Americans.”

Rock Health, founded in 2010 and headquartered in California, USA, is a venture capital firm specializing in early-stage investments in healthcare startups. To date, it has completed 97 investments. Beyond providing financial support, the firm assists entrepreneurs with scientific company management and leverages its extensive market resources to help portfolio companies expand their market presence.

Norwich Ventures, a venture capital firm headquartered in Massachusetts, USA, was established in 2004. It focuses on investing in the early-stage development of medical device startups and has completed 12 investments to date.

Scientific Health Development Partners, also known as SHD, is a venture capital firm founded in Texas, United States, in 2006. SHD focuses on investing in the early-stage development of healthcare companies, primarily within the United States, and has completed 10 investments to date.

(Compiled by Liu Yujing)