Johnson & Johnson Innovation – JJDC, the corporate venturing subsidiary of healthcare group Johnson & Johnson, boosted US-based digital health technology developer WellDoc’s series B round to $29.5m yesterday.
WellDoc initially raised $22m in December 2015 from Samsung Ventures and Merck Global Health Innovation Fund (Merck GHI), respective subsidiaries of electronics producer Samsung and pharmaceutical firm Merck & Co, as well as Adage Capital Management, Excel Venture Management, Alexandria Venture Investments and Hudson River Capital Partners.
J&J supplied the additional funding in conjunction with the formation of a strategic collaboration between WellDoc and LifeScan, a subsidiary of Johnson & Johnson Diabetes Care Companies.
WellDoc is the creator of BlueStar, the first digital therapeutic for adults with type 2 diabetes to be cleared by the US Food and Drug Administration. LifeScan will integrate Bluestar with its OneTouchVerio Flex smart blood glucose monitoring system and OneTouch Reveal mobile app.
Kevin McRaith, WellDoc’s CEO, said: “Entering into a development agreement with LifeScan, as well as receiving a financial investment from Johnson & Johnson Innovation – JJDC, marks the start of an important relationship.
“Together, we will seek to provide those living with type 2 diabetes a best-in-class diabetes management solution that delivers evidence-based and outcomes-driven support in a consumer-friendly manner,”
WellDoc, which was founded in 2005, had raised $55.7m in debt and equity prior to the series B round, including $20m from a 2014 round featuring Merck GHI and Windham Venture Partners.