Sweetch Health, an Israeli medtech startup that has developed a “digital vaccine” for diabetes, has received series A funding in the amount of $3.5 million. The funding round was led by global conglomerate Philips and leading equity crowdfunding platform OurCrowd. The funding also saw participation from earlier investors including Lionbird and Pontifax. Sweetch’s behavioral analytics engine may also be applied to other significant chronic diseases and pre-chronic disease states, such as pre-hypertension and hypertension, obesity and metabolic syndrome.
According to information provided by the company, Sweetch Health’s product is a “revolutionary” advancement in the treatment of diabetes. Their platform aids in identifying individuals at risk of developing diabetes while providing services to help prevent the disease and other chronic conditions. Sweetch seeks to address the estimated 387 million diabetic patients globally. Approximately 86 million US adults are pre-diabetic.
“We are very proud to be trusted by such global and well-known companies. We have a mission to achieve – make the world a healthier place on a large scale, and this can be done only through the use of smart devices connected with big data analytics and the individual level” said Dana Chanan, Sweetch CEO.
Jon Medved, CEO of OurCrowd said that Sweetch’s announcement could not have come at a better time “given the recent announcement by the US Secretary of Health and Human Services regarding Medicare coverage of diabetes prevention programs.”
The new funding will be used to complete a pilot program and clinical trials to begin soon at a “major international medical institution” and designed to jump start adoption in the US market. Sweetch expects their service to be “well positioned” for worldwide distribution.
Upon completion, Sweetch will be well positioned to be “prescribed” by medical team personnel worldwide.
OurCrowd is a leading investment marketplace having funded hundreds of millions of dollars and driving 5 successful exits to date.
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