US-based insulin technology developer Bigfoot Biomedical has closed a $55m series B round featuring medical product maker Abbott, increasing its overall funding to approximately $91m.
Abbott joined undisclosed new and existing investors to provide $18m, adding to the $37m first tranche co-led by Janus Capital Management and Quadrant Capital Advisors, which closed in December 2017.
Cormorant Asset Management, Senvest Capital, Senvest Management, Visionnaire Ventures, JDRF T1D Fund and T1D Exchange also contributed to the first tranche.
Bigfoot is working on technology that will enable type 1 diabetes sufferers to receive insulin more safely and easily.
The company’s two main products are a pump-based closed loop system called Bigfoot Loop and an insulin pen-based decision support system for diabetes patients known as Bigfoot Inject.
Abbott’s investment follows the July 2017 formation of a partnership with Bigfoot to jointly develop and commercialise diabetes management technology.
Jeffrey Brewer, Bigfoot’s president and CEO, said: “We are excited to welcome Abbott to our list of investors. Abbott’s inclusion in our financing speaks to our two companies’ alignment of vision for changing the paradigm of care for people with insulin-requiring diabetes.”
Entities advised by Quadrant Capital Advisors had led the company’s $35.5m series A round in October 2016, investing together with Cormorant Asset Management, Senvest Capital and Visionnaire Ventures.