An Israeli startup that uses AI to help manage diabetes treatment has announced many new partnerships with US health institutions and businesses and is getting ready to establish itself there.
The endo.digital platform from DreaMed Diabetes is intended to give treatment suggestions to millions of diabetics without access to endocrinologists.
One of the recently inked agreements is a data integration one with Abbott, a major player in the medical device industry and one of the top producers of diabetic devices.
Thanks to the arrangement, patients with diabetes who use the Abbott FreeStyle Libre continuous glucose monitor can now send data to their doctors for remote monitoring via the endo.digital platform.
In order to expedite its global market expansion, DreaMed has also inked agreements with top US health systems, such as Yale New Haven Health, as well as a development and licensing arrangement with a foreign business.
A $3 million funding round led by eHealth Ventures, a venture capital firm that specializes in early-stage investments in digital health, has also been concluded. The company has also received grants, other non-diluted funding sources, and equity financing totaling about $30 million.
Eran Atlas, the CEO and co-founder of DreaMed, said, “The last two years have been very challenging for the Israeli high-tech industry as a whole, and for the field of digital health in particular,” Atlas was called up for emergency reserve duty by the IDF on October 8, spending six months in uniform.
“We managed to overcome the difficulties of the coronavirus, the economic crisis and the war, and we are preparing for a large-scale deployment in the US and then to other countries, with a significant revenue stream and the raising of new capital,” he added.
“We have the backing of the two leading Israeli health maintenance organizations: Clalit Health Service, which supported the technological development, and Maccabi Health Fund, which is one of the partners of the eHealth Ventures fund. The partnerships and commercial agreements are a jumping off point for the company’s next stages of growth.”
The US Food and Drug Administration (FDA) granted DreaMed its fifth approval in November, enabling the business to broaden the scope of its suggested care plans for diabetics following a set regimen of insulin supplied by injection or pump.
