Biolinq, a health technology company developing precision multi-analyte wearable biosensors for metabolic health, announced it secured $100 million in Series C funding.
Alpha Wave Ventures led the round with participation from existing investors AXA IM Alts, M Ventures, LifeSci Venture Partners, RiverVest Venture Partners, Hikma Ventures, Taisho Pharmaceutical, Features Capital and Aphelion Capital.
WHAT IT DOES
Biolinq offers a wearable patch that evaluates glucose levels and provides insights into metabolic health for individuals with type 2 diabetes who are not on insulin.
The patch uses small electrochemical sensors to measure glucose levels from the intradermal space just beneath the skin’s surface.
The California-based company’s glucose sensor is an investigational device that has not been cleared or approved by the FDA.
“This financing will bolster Biolinq’s commercial readiness efforts while we pursue regulatory approval for the first intradermal glucose sensor that incorporates activity and sleep information into a single wearable device,” Rich Yang, CEO of Biolinq, said in a statement.
“Our team has spent the last decade developing a biosensor platform designed to inspire healthier living by providing context around a person’s metabolic health.”
MARKET SNAPSHOT
Last year, Biolinq secured $58 million in financing, which the company said it would use for FDA submission and to perform a clinical trial on its glucose sensor.
The company raised $4.75 million in extended Series A financing in 2019 and secured $20 million in Series A funding in 2017.
Another company in the glucose monitoring space is Allez Health, which offers a CGM biosensor platform that uses sensor technology to improve a patient’s performance by analyzing datasets across various health afflictions. Last year, the company secured $60 million in Series A+ financing.
Credit: Source link
