Beta Bionics, a US-based company developing an autonomous bionic pancreas, has closed its $63m series B round following a $13m extension that included medical device makers Zealand Pharma and Dexom.
ArrowMark Partners, RTW Investments and LifeSci Venture Partners contributed to the second tranche. The first two also contributed to the $50m first close, which was led by Eventide Asset Management and also backed by biopharmaceutical company Novo Nordisk, in August 2018.
Founded in 2015, Beta is developing a bionic pancreas that will use machine learning and artificial intelligence technology to autonomously control blood-sugar levels.
The wearable device, dubbed iLet, can be used as an insulin-only bionic pancreas, a glucagon-only bionic pancreas or a dual insulin and glucagon bionic pancreas.
In addition to funding the development of new products, the extra series B capital will support phase 3 clinical trials for iLet and regulatory submission of the device to the US Food and Drug Administration.
Zealand made an initial $1.5m investment in Beta Bionics in 2017, in a deal that included an option to invest a further $3.5m, which has now been exercised in the series B round. Novo Nordisk supplied $5m for the company as part of a strategic partnership earlier the same year.
Beta Bionics’ earlier backers include pharmaceutical firm Eli Lilly. Investment banking firm Piper Jaffray was financial adviser for the company for the series B round.
Company founder and CEO Ed Damiano said: “Beta Bionics is a force for public good; and this commitment has resonated with the strong syndicate of supportive and visionary investors we have assembled alongside our strategic investors, including Eli Lilly, Novo Nordisk, Zealand Pharma and Dexcom.
“The enthusiastic reception that we were met with from the investment community in 2018 led to a larger-than-anticipated series B financing, which has put us in a strong position going into 2019 to advance our ambitious mission of bringing to market the world’s first, fully autonomous, bionic pancreas.”