Omada Health aims to deter chronic diseases by guiding participants through a management program based on data from various connected devices such as scales and activity trackers. Now it's nabbed a $48 million Series C round from some high-profile investors to support that effort, which will initially be focused on its Prevent lifestyle intervention program to help people reduce their risk for obesity-related chronic conditions.
Healthcare companies--and Omada customers--insurer Humana ($HUM) and health system Providence Health & Services participated in the financing, which was led by Norwest Venture Partners. Existing investors US Venture Partners, Rock Health and Andreessen Horowitz and new investors GE Ventures and dRx Capital also participated.
Omada is hardly alone in its efforts to deliver chronic disease management that incorporates complex patient tracking and guidance. Yesterday, German conglomerate Philips released details for its prototype diabetes program that incorporates consumer device, clinical information and an online community to guide disease self-care and medical care. Earlier this month, it also unveiled a suite of 5 connected, consumer health devices, including a watch.
In addition, Google Capital just backed health insurer Oscar Health, which incorporates fitness activity trackers as well as on-call telehealth into its offerings. The startup nabbed a $32.5 million investment based on a staggering $1.75 billion valuation.
Omada's Prevent program relies on a proprietary health-related curriculum and on-demand access to personal health coaching, as well as peer network support. It's targeted at employers and health plans that are looking to offer behavioral intervention. The financing will go to support further clinical research and publishing on the program's efficacy, as well as specifically to improve and enhance its Prevent obesity offering.
|Humana VP of Innovation Busy Burr|
"We've worked closely with the Omada team as we've deployed Prevent to our associates and members living with chronic conditions and those at risk for diabetes," said Humana VP of Innovation Busy Burr in a statement. "We've seen first-hand how Omada works with us to identify those who need these interventions the most, and how it helps get them on the path to better health."
Prevent has already enrolled more than 20,000 participants. Earlier this year, the Centers for Disease Control and Prevention (CDC) recognized Omada's Prevent as meeting the evidence-based standards of the U.S. agency's National Diabetes Prevention Program (DPP). It's only one out of three digital programs to receive that recognition, which is based on its one-year data showing weight loss and blood glucose measurements that meet or exceed CDC standards. The company's employee base has already swelled to 185 from only 75 a year earlier.
|Norwest Partner Casper de Clercq|
"Omada's published results have demonstrated that the company's integrated on-line clinical coaching works as well as the in-person Diabetes Prevention Program," added Norwest Partner Casper de Clercq.
"We are confident that Omada can help the millions of individuals who are susceptible to chronic conditions like diabetes and cardiovascular disease. Our investment is driven by our enthusiasm for Omada's demonstrated efficacy. The new capital will allow Omada to continue to expand and broadly deploy its programs," he concluded.
- here is the announcement