Oviva, Jan 2020.
Digital health firm Oviva is planning to roll out its digital diabetes treatment across Europe after securing $21 million of investment.
The Series B round was led by Swiss growth investment firm MTIP, along with new investor Earlybird and existing backers such as AlbionVC, F-Prime Capital, Eight Roads Ventures and Partech.
Based in London, Oviva has developed an evidence-based digital solution that aims to reverse type 2 diabetes. The firm will use this investment to “further develop” its technology and “expand in Europe to serve the millions of patients not accessing treatment today”.
Lucy Jones, clinical director of Oviva, said: “First, we will invest the funds in building the next generation of our technology to even better support patients. Second, we will invest in further expanding our reach geographically in Europe.”
Founded in 2014 by a team of medical and technology professionals, Oviva wanted to create a technological solution that could provide effective and tailored diabetes treatment within national guidelines.
Oviva’s smartphone app offers patients tailored nutrition advice and coaching after they record details about their diet, weight, activity and symptoms. According to the company, its solution has “demonstrated higher patient uptake, retention and outcomes at lower costs compared to face-to-face therapy”.
Jones continued: “Patients use a smartphone app to log everything about their behavior and symptoms (food images, activity, blood sugar, etc.), communicate with peers and their therapist and educate themselves on their disease and healthy behaviours.
“They can also connect wearable trackers or a weight scale to automatically collect information.The therapists work with a web-based patient record and management system where all the information from the patients is available.”
The app has been designed to benefit both patients and healthcare practitioners. “For patients, we help them change their behaviours, especially supporting them adopt a healthier diet or one more fitting to their condition,” said Jones.
“Treatment can also be delivered at a higher frequency and with more information for targeted coaching and also more efficiently, than with face-to-face treatment.”
As for healthcare professionals, she explained: “Finally, by delivering our care digitally and remotely, we help doctors better manage chronic conditions for their patients, avoiding damaging and costly complications.”
Following the investment, Christoph Kausch from MTIP and Rainer Christine from Earlybird have both joined Oviva’s board of directors.
Christoph Ruedig, partner at AlbionV, added: “Despite compelling evidence that digital treatments improve patient access and outcomes significantly while reducing costs for health systems, Europe is investing a fraction compared to the US in this area. We’re excited to continue to support Oviva’s accelerated roll out across Europe.”