Smart wearable manufacturer Fitbit has reportedly invested about $6 million into a health-tracking startup that goes by the name of Sano. The startup is currently working on developing a “coin-sized patch that tracks blood sugar levels to help control diabetes,” the report by CNET suggests. “Building blood-sugar tracking into a future device could dramatically increase the market for Fitbit devices since more than 100 million Americans are now living with diabetes or pre-diabetes,” the report further adds.
This is the first time that Fitbit has gone on to make an investment in a start-up, that too, by shelling out such a big amount. If the project which is currently being led by Sano, actually turns out to be true then it would end up proving to be a device that the future generations truly need.
It is believed to dramatically increase the market for Fitbit devices since over 100 million Americans are now suffering from diabetes or pre-diabetes. Apart from this, Fitbit requires a major comeback, given how rapidly its sales are declining. The company made a sale of merely 3.6 million devices towards the end of September 30, which is down from 5.3 million devices from the previous year.
Fitbit is not the only company who is working on a device of such a nature. Cupertino giant Apple is also working towards putting together a team of researchers who would be able to create a non-invasive glucose reader. Fitbit CEO James Park confirmed the Sano deal this week with CNBC.
The investment is going to serve as a big part of a larger financing round that Sano expects to close in coming months. “This fits into our strategy of looking beyond the device and thinking more about (health) solutions,” said Park. “I think the complete solution comes in the form of having some monitoring solution that is coupled with a display, and a wearable that can give you the interventions at the right moment,” he said.