Sunnyvale, California-based Intuity Medical, which makes diabetes management devices, has raised $40 million in a round led by PTV Healthcare Capital. New investors also included affiliates of Luther King Capital Management and existing investors Accuitive Medical Ventures, Investor Growth Capital, US Venture Partners, Venrock and Versant Ventures.
The funding will be used to bring Intuity’s Pogo automatic blood glucose monitoring system to the US market. The device just received FDA clearance in April.
Pogo aims to bring ease and discretion to diabetes management, and Intuity cites the burdens associated with blood glucose testing as one of the reasons for inadequate glycemic control. Pogo was developed to eliminate the need for people with diabetes to carry around a lot of supplies in order to manage their condition, and doesn’t require individual test strips or a separate lancing device. Pogo consists of a test port, lancets and lancing device in one compact meter and cartridge system, allowing users to quickly perform a glucose test discreetly in public settings or when they are pressed for time.
Users press the test port, which automatically lances the finger and collects a small blood sample (0.25 microliters). Results are displayed after a four-second countdown, which the users must complete 10 times. After, the self-contained cartridge can be thrown away.
The Pogo system works with Intuity’s Patterns Diabetes Management System, a cloud-based platform for managing glucose information that can be shared between patients and healthcare professionals to detect and manage trends that impact the patient’s overall glucose control.
“Blood glucose monitoring is an essential component of diabetes management, and people with diabetes continue to actively voice the need for a simpler method,” Intuity’s CEO and President Emory Anderson said in a statement.