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Print Edition StoriesFriday, May 1, 2009
Diabetes-focused IT firm Vermedx lands $500K fund
By Mass High Tech staff
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Vermedx Inc., a Burlington, Vt.-based health-care information technology company, has pulled in $500,000 in a Series A funding round led by FreshTracks Capital LP, a venture capital fund in Shelburne, Vt.
Founded in 2006 as Vermont Clinical Decision Support LLC, the company has developed a diabetes tracking and management information system for patients, doctors and insurers, saving an estimated $2,400 per patient annually in treatment-related costs. An earlier Mass High Tech report described the system, powered by the firm’s software, as one that collects results of diabetic patients’ blood and urine tests from independent labs and sends the data to their primary-care doctors and to the patients themselves.
The company was created by Ben Littenberg and Charles MacLean, both University of Vermont professors, and by Michael Gagnon, an information technology executive.
The Vermedx Diabetes Information System underwent a clinical trial, funded by the National Institutes of Health, for five years, incorporating 7,400 adults with diabetes.
FreshTracks Capital, established in 2001, manages $25 million in funds, with a focus on early-stage, private businesses located in or near Vermont. The firm has funded six companies, including NativeEnergy, ISIS, NEHP, Draker Labs, SolarOne and Vermedx.
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