Livongo Health, a healthcare startup founded by Chicago entrepreneur Glen Tullman, is headed for an IPO.
The company filed its S-1 Friday and is looking to raise $100 million in the public offering, a number that will likely be adjusted before its market debut. Livongo is based in Mountain View, Calif., but has a large office in Chicago.
Livongo makes a blood glucose monitor and digital dashboard to help people manage diabetes and other chronic health conditions. Founded in 2014, the digital healthcare startup has raised $240 million in venture capital. Its investors include General Catalyst, Kleiner Perkins, Microsoft Ventures and Chicago-based 7wireVentures, which Tullman co-founded in 2011.
Tullman, the former CEO of Allscripts, is based in Chicago.
Livongo reported revenues of $68.4 million in 2018, up from $30 million the year prior. It did $32 million in the first quarter of 2019, which is up from $12.5 million in the same quarter last year. The company's net loss also increased, climbing from $4.2 million in the first quarter of 2018 to $15 million in Q1 2019.
Livongo is among several digital healthcare startups set to test the public markets, including Change Healthcare and HealthCatalyst.
The company has hired Morgan Stanley, Goldman Sachs and JPMorgan Chase as underwriters for the IPO.
