- Virta Health raises $93M in Series C funding round to expand its clinically proven treatment to reverse type 2 diabetes.
- Funding will enable investing in growth and research to meet the demand for T2D reversal from employers, health plans and government.
Virta Health, a San Francisco, CA-based company delivering the first clinically-proven treatment to safely and sustainably reverse type 2 diabetes (T2D) has raised $93M in Series C funding led by Caffeinated Capital. The round also included participation of key early investors such as Venrock, Obvious Ventures, Creandum, Playground Global and SciFi VC.
Impact of Diabetes
Type 2 diabetes is one of the most expensive chronic illnesses in America. Nearly half of U.S. adults have either diabetes or pre-diabetes, and the epidemic is still growing. Virta Health’s announcement comes at a moment when the need for a new approach to diabetes care has never been more apparent.
Founded in 2014 with the goal of reversing diabetes in 100 million people by 2025, Virta is the first clinically-proven treatment to safely and sustainably reverse type 2 diabetes. The clinically-proven Virta Treatment reverses type 2 diabetes and significantly improves several chronic comorbidities, taking direct aim at these skyrocketing healthcare costs and nearly one-third of the more than $3 trillion in annual U.S. healthcare spend.
Recent Traction/Milestones & Outcomes
Virta Health, a licensed medical provider in all 50 states, saw significant growth in 2019 with a 200% increase in its customer base. Key additions came from Fortune 100 employers, leading health plans and large government organizations, including Blue Shield of California and its 3.7 million members, and the U.S. Department of Veterans Affairs, which covers over 1 million veterans living with T2D.
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Virta’s growth coincides with additional research showing that traditional treatments are doing nothing to slow the T2D epidemic. A study published in August 2019 by JAMA Internal Medicine concludes that “advances in diabetes care over the past decade have not translated into meaningful improvement in population-level treatment outcomes” between 2005 and 2016.
Meanwhile, Virta’s peer-reviewed two-year study published in June 2019 revealed sustained diabetes reversal—reducing HbA1c below the diagnostic threshold for T2D while eliminating diabetes-specific medications—in 55% of two-year completing patients. Insulin use declined by 81% from baseline across the population.
“Since joining Virta, my A1c has improved nearly two points and is now in the normal range, and I no longer need any diabetes medications,” said Virta patient and U.S. Air Force Veteran, Ron Hale. “Being free from the twice-daily insulin injections and dramatically improving my health and wellbeing has been life-changing, and I am grateful every day for the VA’s partnership with Virta.”
Funding will enable investing in growth to meet the demand for T2D reversal from employers, health plans and government, as existing approaches to treating the illness over the past decade have not improved population-level treatment outcomes. Virta Health will also invest in further prospective research to expand its treatment to other diseases. Virta’s treatment and novel approach to delivering provider-led remote care are uniquely suited to improve and even resolve a variety of cardiometabolic conditions.
“This latest funding is validation for the consistency and durability of our health and economic outcomes in both clinical trial and commercial patients,” said Sami Inkinen, Virta Health’s co-founder and CEO. “We can now invest more into growth to help millions of people living with type 2 diabetes, while also investing in product and research to address other diseases.”
Source: HIT Consultant