Medical device manufacturer Abbott led the $45m first tranche of a series C round for US-based diabetes management platform Bigfoot Biomedical on Monday.
Quadrant Capital Advisors, Senvest Capital, Janus Henderson and Cormorant Asset Management also contributed capital to the close.
Bigfoot is working on a system that uses machine learning to automate insulin injections for patients living with diabetes. Data collected by insulin pumps and injection pens is aggregated in a mobile app that can be used by the patient and made accessible to physicians.
The funding will support the completion of product development and regulatory clearance for the Bigfood Unity Diabetes Management Program, which relies on a smart insulin pen integrating Abbott’s glucose sensing technology. It is due to launch by the end of 2020.
The money will also support clinical trials for future iterations of Bigfoot Unity that will revolve around a closed-loop system.
Abbott has formed a commercial agreement with Bigfoot that will involve the development and commercialisation of diabetes management products that will make use of the corporate’s glucose management system, FreeStyle Libre.
Bigfoot completed its $55m series B round in early 2018, adding $18m from an Abbott-backed second tranche to a $37m first tranche co-led by Janus Henderson and Quadrant Capital the year before.
The first close included Cormorant Asset Management, Senvest Capital, Senvest Management, Visionnaire Ventures, JDRF T1D Fund and T1D Exchange.
Bigfoot had already collected $35.5m in a 2016 series A round led by entities advised by Quadrant, with participation from Cormorant, Senvest Capital and Visionnaire Ventures.