This morning Biolinq, a digital health company specializing in minimally invasive continuous glucose monitoring, raised $4.75 million in extended Series A financing. This new capital was led by JDRF T1D Fund, Aphelion Capital and LifeSci Venture Partners.
This latest funding announcement will build on the $10 million the company raised in November of 2017, bringing the total Series A capital to approximately $15 million.
This morning the company also announced that Tom Peyser would be leading the Scientific, Clinical and Regulatory Affairs as VP.
WHAT THEY DO
The company makes a minimally-invasive device that lets people continuously monitor their blood glucose. It pitches its technology as an alternative to finger pricks.
It includes a skin applied, minimally-invasive electrochemical biosensor platform for diabetes patients, which analyzes biomarkers in the interstitial fluid to provide actionable health information.
WHAT IT’S FOR
The company said that the new money will be put towards growing its technology platform and funding additional clinical studies.
“2018 was a landmark year for Biolinq, marked by the successful completion of our first clinical study,” Jared Tangney, CEO of Biolinq, said in a statement. “This funding round validates our strong clinical results and will continue to advance our technology platform towards commercial feasibility.”
The diabetes industry is booming in digital health. Abbott is one big name in the space. Its Freestyle Libre system came to the US market last year and is a fully disposable CGM system consisting of a tiny insertable sensor and a patch about the size of a quarter.
Dexcom is the other major player in the CGM space. In March of 2018 the company’s integrated continuous glucose monitoring system (iCGM) got the FDA nod.
ON THE RECORD
“We are impressed with the initial clinical results Biolinq has achieved with their very promising technology,” Katie Ellias, managing director at the JDRF T1D Fund, said in a statement. “We believe the company is well positioned to set new standards for minimally invasive CGMs and are excited to support Biolinq during this critical phase as they work towards bringing next-gen solutions to market and explore future applications for people living with Type 1 diabetes.”