LabStyle Innovations Corporation has raised $3.5 million at a company value of $22.5 million, before money, from new and current investors. The company has developed the Dario, a miniature device for diabetics to test their blood sugar levels via smartphones. The data is transmitted directly to the smartphone, where they stored and sent to a doctor as needed.
LabStyle chairman and CEO Dr. Oren Fuerst said, "The company has completed clinical trials and should obtain the first marketing permits and begin commercial operations in early 2013." He said that he was the founder and chairman of Circ Medtech Ltd., which has developed an improved technique for adult circumcisions, and the founder of Tevel Global, a network of investors in Israeli technology ventures.
LabStyles Innovations is headquartered in New York City and has offices in Ramat Gan.
Diabetics carry out a great number of blood sugar tests daily in order to plan and control their diet regime and insulin injections. The Dario is a portable device with an attachment to a smartphone. Diabetics are quick adopters of digital technologies for their disease, including the use of smartphone apps. Currently, glycometer data from blood sugar tests have to be manually inputted into the various software programs, but the Dario handles this directly.
Published by Globes [online], Israel business news - www.globes-online.com - on November 6, 2012
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