Intuity Medical, a US-based diabetes management technology provider spun out of video and semiconductor research and development provider Sarnoff Corporation, secured the first $42.5m of a planned $70m financing round yesterday.
Accuitive Medical Ventures, Investor Growth Capital, KCK Group, PTV Healthcare Capital, US Venture Partners, Versant Ventures and affiliates of Luther King Capital Management are among the participants that are providing $40m of equity financing, with $30m of debt to be supplied by Hercules Capital.
Sarnoff, which has subsequently been absorbed by parent company and research organisation SRI International, spun Intuity off in 2002. Its blood glucose monitoring system, Pogo, incorporates a glucose meter and test cartridge that automates the testing process.
The company has also created a cloud-based diabetes management system called Patterns that manages glucose data on behalf of patients and their doctors. It will have raised a total of approximately $270m in financing once the round has closed.
Emory Anderson, Intuity’s president and CEO, said: “This funding will help strengthen our financial position to commercialise Pogo and Patterns in the US, thanks to partners like our existing investors and Hercules Capital, who understand our business and support our vision.”
– Image courtesy of Intuity Medical, Inc.