KAYSVILLE, Utah, Sept. 05, 2019 (GLOBE NEWSWIRE) -- Tula Health, Inc, a transformative personalized digital health platform that continuously and noninvasively monitors blood glucose and key health metrics through its patent protected BioCheck™ technology, today announced that it has closed an oversubscribed $2.6 million seed round. The Company will primarily use the funds to establish a proof of concept on engineering, apply for additional patents, and cover overhead costs. The Company also said it is in negotiations with large regional health plan carriers to monitor 130,000 lives, as well as in meaningful discussions with other carriers.
Tula is a digital health platform supported by BioCheck™, a wearable device that continuously and noninvasively monitors blood glucose, blood pressure, blood oxygen, EKG, and hydration, among other key health metrics. Tula’s technology platform integrates multiple gold standard desktop tests to ensure fidelity of data and miniaturizes it into the BioCheck™ wearable through patented nanotechnology. Data is transmitted in real time directly to a secure cloud where it is monitored by medical professionals at Tula’s Engagement Center, who can utilize predictive analytics to provide patients with personalized actionable data.
Tula aims to address the growing need for monitoring in diabetes and other chronic diseases. In the U.S. alone, the population of people diagnosed with diabetes is expected to triple over the next thirty years. The Chronic Disease management market is expected to grow from $3.9 billion to $10.3 billion between 2018 and 2023. Through its robust patent portfolio containing 33 patents, Tula offers a new way to monitor key health metrics and provide personalized digital health solutions that empower patients, increase compliance, and lower the cost of care.
"We are pleased to have successfully closed out the seed round and are very excited about the opportunity ahead of us,” said Doug Haymore, JD, CEO and Vice Chairman of the Board at Tula Health. “We believe the Company is well positioned to complete the proof of concept for our Biocheck™ technology and to initiate a Series A round this year. Upon launch, we anticipate instant market access through agreements with large regional health plan carriers to monitor at least 130,000 lives. We look forward to continuing development of our wearable prototype and we would like to thank our new shareholders for sharing in our vision to provide patients with a truly noninvasive and personalized monitoring platform.”
About Tula Health:
Tula Health, Inc. is a digital health platform that continuously and noninvasively monitors blood glucose and key health metrics through its wrist worn device, BioCheck™. Tula combines its innovative technology with 24/7 monitoring through its Engagement Center. The Company delivers real-time actionable data to change behaviors and lower healthcare costs. For more information, please visit www.tula-health.com.
Company Contact:
Tula Health, Inc.
Jeff Peterson
Chief Financial Officer
jpeterson@tula-health.com
Investor Contact:
The Ruth Group
Alex Lobo
646-536-7037
alobo@theruthgroup.com