Health2Sync, a Taiwan-based company that offers a diabetes monitoring service, has closed a $ 6 million Series B round to expand its business in Japan and other markets in Asia.
Health2Sync was launched at TechCrunch Hardware Battlefield at CES 2014 and essentially offers a smarter way to track and control diabetes. Using a connector cable, Android and iOS devices can be connected to a glucose meter that then fills in data within the Health2Sync application.
"The problems we are trying to solve are the lack of data on diabetes monitoring and the shortage of diabetes practitioners in this part of the world," CEO and co-founder Ed Deng told TechCrunch in an interview.
"Services are activated when the data is the smartphone, you can run analyzes and provide feedback, while patients can record data such as food and medicine intake and exercise," Deng added, explaining that integrations with Blood pressure meters are planned for the future.
The results are impressive. The four-year-old company claims that the average blood glucose of high-risk users decreased by 22 percent after using their service for three months. That, in turn, can help reduce complications and reduce health problems.
A patient with diabetes staffed by Health2Sync at a community event in Taiwan
Health2Sync previously raised a Series A round of $ 3 million in August 2016 and now this Series B of $ 6 million will go to to expansions. While the application can be used anywhere, Deng said the value is stronger in markets where it has local partners – including pharmaceutical companies, insurance companies and its own community – and right now are Taiwan and Hong Kong.
Japan is the world's second largest market for spending on diabetes care, just behind the US UU., Which explains why Health2Sync is making this expansion. That's where his relationship with Sompo Holdings, the Japanese insurance company that directed this Series B, will come into play.
"Sompo has a digital subsidiary focused on healthcare, and understands how important it can be to take solutions online", said Deng. .
The duo hopes to offer specialized insurance packages for patients with diabetes in the future. The existing sponsors Alibaba and WI Harper also participated in the financing round.
It is estimated that Asia in total represents 60 people of global diabetes, while the number of people who suffered reached a record 10 million in Japan last year. Beyond Japan, Health2Sync aims to increase its presence in Japan and is hiring its first employees in Malaysia and Indonesia as it plans a boost in Southeast Asia. The company said it has worked with public and private organizations to reduce the price of diabetes care in Taiwan, Hong Kong, Malaysia and Singapore.