US-based healthcare software developer WellDoc has achieved a first close of its $22m series B round co-led by electronics conglomerate Samsung and healthcare company Merck.
Samsung participated through its corporate venturing unit Samsung Ventures, while Merck contributed funds through its investment vehicle Global Health Innovation Fund.
Adage Capital Management, Excel Venture Management, Alexandria Venture Investments and Hudson River Capital Partners also took part in the round.
Founded in 2005, WellDoc is developing software dubbed BlueStar that helps patients suffering from type 2 diabetes to self-manage their condition by providing daily guidance. The app also enables medical professionals to optimise the treatment plan.
The funding will support commercialisation and adoption of BlueStar, and Samsung Ventures and Excel Venture will gain a seat each on the company’s board of directors. WellDoc expects to close the series B round in January 2016.
WellDoc previously secured approximately $55.7m in debt financing and equity funding, with Merck Global Health Innovation Fund contributing to a $20m round in January 2014 alongside Windham Venture Partners.
Harry Kim, global director of Enterprise Business Healthcare at Samsung, said: “Samsung is committed to empowering consumers to better manage their health and wellness.
“The convergence of medical apps and lifestyle data offers personalised insights that enable people with type 2 diabetes to improve their health.
“By partnering with WellDoc (and other industry leaders), Samsung aims to leverage the consumer technology people use every day to simplify and secure the mobile health experience.”