Medtronic invests in diabetes management app

Medtronic has announced that it will be investing in Glooko, a mobile app designed to help with the management of diabetes.

The medical device manufacturer joins electronics giant Samsung and the Social and Capital Partnership, which have also invested in the innovative start-up in a round of funding worth $16.5 million (11 million pounds).

Glooko has developed a cable that can take data from glucose monitoring equipment and send it to a smartphone app, allowing individuals diagnosed with diabetes to keep track of their condition. What's more, this information can also be sent via Bluetooth technology, meaning it can be used wirelessly.

California-based Glooko is of particular interest to Medtronic as there is potential for the app to be linked to insulin pumps made by the manufacturer to help monitor diabetic patients' glucose levels.

Medtronic also makes glucose monitors, with its diabetes business generating revenue of $1.7 billion during 2014.