A Minneapolis direct-to-consumer medical device and wellness management company is developing a product that could potentially support millions of Americans dealing with diabetes.
AmVentureX is using $1 million in fresh investor capital to develop a testing and tracking tool that would display data regarding a person's glucose levels. The device would need tiny blood samples from a user and would be used to inform a person how foods and fasting affect their blood glucose levels.
The company is awaiting Food and Drug Administration clearance for its glucose biometer, which would have a dual function with its platform used for tracking and testing ketone levels in a person's body. That testing platform, called KetoCoach, is designed for those on ketogenic diets who want to see how their body is responding to the diet over time.
The testing kit integrates with the company's smartphone app called FastCoach, a virtual fitness class and dieting community platform that allow users to track their fasting periods and energy levels after workouts or meals, along with ketones and glucose.
About 34 million Americans are living with diabetes, and another 88 million with prediabetes, according to the American Diabetes Association.
"We have a really unique opportunity to approach the diabetic market in a way that's often overlooked," said company founder Matt Payne.
The dual biometer would be a finger prick, similar to the existing ketone biometer, Payne said. As a person uses the new glucose management device, the goal is they'll be able to see how different foods, such as artificial sweeteners, affect their glucose levels as well as ketones, Payne said.
"Our approach is to build a platform to make living with diabetes simple," he said.
AmVentureX started in 2018, and received 510(k) clearance from the FDA for its ketone biometer in 2019, Payne said. The business launched its FastCoach app at the end of 2020, and now has about 100,000 users between KetoCoach and FastCoach, he said.
The $1 million investment comes from Minneapolis-based SecretLab, which focuses on consumer apps. Payne did not disclose revenue, but said AmVentureX, which has 15 people on payroll, grew 50%, year-over year, in 2020 and is well into seven figures in revenue.
The investment values AmVentureX and its brands at $5 million, the company stated.
"The AmVentureX platform is a great investment and a critical solution," said SecretLab CEO Jason Bright in a statement. "The team at SecretLab is proud to find an investment that will help so many people live a safe, healthy and long life."