US-based diabetes management technology developer Bigfoot Biomedical completed a $55m series C round yesterday that was led by medical device manufacturer Abbott.
The round included Quadrant Capital Advisors, Senvest Capital, Janus Henderson and Cormorant Asset Management, all of which took part in the $45m first tranche five months ago. New investors joined the round for the final close, though only charity Smile Group was identified.
Bigfoot is working on a smart pen that will be capable of determining the correct insulin dose for patients living with type 1 and type 2 diabetes, in real time. It has also created a pump-based automated insulin delivery system.
Patients will be able to share glucose readings and dosing information with their healthcare providers through a dedicated online platform called Bigfoot Unity.
The series C financing has been allocated to completing product development of Bigfoot Unity, and a planned submission to the US Food and Drug Administration for commercial clearance.
Joy Mashaal, managing director of Senvest Capital, has been appointed to the company’s board of directors in connection with the round, while Bigfoot co-founder and president Bryan Mazlish will transition to the new role of executive board director.
Bigfoot closed a $55m series B round in early 2018 backed by Abbott, Janus Henderson, Quadrant Capital, Cormorant Asset Management, Senvest Capital, Senvest Management, Visionnaire Ventures, JDRF T1D Fund and T1D Exchange.
The company had already received $35.5m in a series A round the previous year that was led by entities advised by Quadrant, with contributions from Cormorant, Senvest Capital and Visionnaire Ventures.
