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A Sydney-based healthtech helping people understand how their diet and lifestyle is affecting their metabolic health in real time has raised $1.5 million in an oversubscribed pre-seed funding round led by Archangel Ventures.
Founded by Tim Veron and Michael Pang in 2020, Vively uses a continuous glucose monitoring (CGM) system via an arm patch to monitor glucose spikes, as well as other data in order to generate personalised health insights without the need for a doctor.
Since launching three months ago, Vively claims the company has already generated $1 million in annualised revenue, reaching almost 100 per cent month-on-month growth. The fresh capital will be used for product development and growth in the Asia-Pacific market.
“Vively has developed software that makes it easy to understand and act on your glucose data with medical-grade insights that are holistic and personalised for you” says Veron, who discovered he was pre-diabetic after taking part in beta testing of the company’s CGM product.
“Usually in Australia, you’d need an expert to be able to assess your metabolic health, which is expensive and time-consuming for most people," adds Veron, who was a finalist in the 2021 Sydney Young Entrepreneur Awards.
“In addition, laboratory-based testing is point-in-time and not adaptive to the nuance of various common life events such as exercise, mental stress loads, carbohydrate loads and sleep quality and quantity.”
Related story: How Vively founder Tim Veron's technology gave a surprise diagnosis and changed his life
The platform offers subscribers access to the Vively mobile app, which pairs up with a sensor that is designed to monitor glucose levels for a period of two weeks or longer.
During that time, Vively’s team of leading integrative doctors, behavioural scientists and holistic health practitioners create and combine digital therapeutic programs with on-demand coaching and health analytics.
According to Diabetes Australia, two million Australians have pre-diabetes and are at high risk of developing type 2 diabetes.
Without sustained lifestyle changes, such as healthy eating, increased activity and losing weight approximately five to 10 per cent of people with the condition will go on to develop type 2 diabetes each year.
Over time, poor nutrition can also increase the risk of developing other health problems such as tooth decay, high blood pressure, high cholesterol, heart disease and stroke, osteoporosis and more.
Vively has collected more than 500,000 glucose readings in the last three months and is seeing a higher-than-expected rate of potential metabolic dysfunction.
More than 66 per cent of users have an estimated Hba1c of 5.7 per cent or greater, which would indicate that most users have pre-diabetes or metabolic dysfunction despite potentially not being aware of it.
“The good news is, we are 100 per cent in charge of our metabolic health and simply changing your lifestyle is the best medicine we know about,” Vively founding medical director Dr Michelle Woolhouse explains.
“Everyone has a different ‘metabolic fingerprint’, so by tracking your glucose and your lifestyle, this program helps you to understand what works and what doesn’t for you.”
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