Successful Partnership Leads to Investment That Can Enable My Diabetes Tutor to Rapidly Scale
CharmHealth, a leading provider of healthcare technology solutions, and Bioverge, a leading Silicon Valley venture firm and investment platform specializing in emerging healthcare technology, today announced that they have invested in My Diabetes Tutor, a startup that aims to make a difference in the lives of people with diabetes. The seed round will be used for technology build-out, sales and marketing to help My Diabetes Tutor scale to reach the 37 million Americans with diabetes, the additional 96 million who have prediabetes, and their families.
My Diabetes Tutor leverages technology to address the pressing issue of limited access and availability for payers and providers, effectively reducing the cost of diabetes care while improving patient care. Their program provides exceptional diabetes education that complements the current treatment regimen. Enrolling in their program is effortless, and service delivery is seamless, ensuring a stress-free journey with positive outcome for patients, as evidenced by a reduction in measurable HbA1c levels. My Diabetes Tutor was built to help people control their diabetes and, in turn, control diabetes-related complications like kidney disease, heart disease, stroke and more. At a time when 62% of non-metropolitan counties do not have any access to diabetes education programs according to the CDC, My Diabetes Tutor presents a viable solution, particularly for rural areas where diabetes rates are 17% higher than in urban areas.
CharmHealth discovered My Diabetes Tutor during the CharmHealth 2021 Innovation Challenge, in which My Diabetes Tutor was a finalist. After the Innovation Challenge, My Diabetes Tutor and CharmHealth partnered to help My Diabetes Tutor reach more affected parties across the country. My Diabetes Tutor adopted the CharmHealth platform to overcome key challenges with outstanding results. With CharmHealth, My Diabetes Tutor’s practice grew by more than 250% and grew its referral network by 40% over 12 months, while users saw a 15% improvement in their A1C.
“We knew My Diabetes Tutor had developed an outstanding, much-needed diabetes solution through the Innovation Challenge, but it was really due to our partnership that we saw just how much the company could influence the future of diabetes care,” said Pramila Srinivasan, Ph.D., CEO of CharmHealth. “With this investment from CharmHealth and Bioverge, we believe My Diabetes Tutor will provide easy access to education to millions of patients, changing their lives for the better. This is precisely why we started the Innovation Challenge — to drive impact.”
This year’s Innovation Challenge invites proposals designed to address the biggest issues faced by healthcare providers, patients and organizations. Finalists will present at Pitch Days, held at Asilomar Conference Center in Monterey, California, on Sept. 2-3, 2023.
“We took a chance participating in the CharmHealth Innovation Challenge, and it was so well worth it,” said Dr. Prem Sahasranam, founder and CEO of My Diabetes Tutor. “Through the knowledge exchange and relationships formed and through our partnership with CharmHealth, we have been able to substantially grow our business and, more importantly, help patients manage their diabetes. Now with this investment from CharmHealth and Bioverge, we can build on our success, accelerate our plans, and drive care improvements at scale.”
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