Intuity Medical, a US-based diabetes management spinout of research organisation Sarnoff Corporation, raised $15m from family investment fund KCK Group yesterday to increase its ‘series 3’ round to $55m.
Venture capital firm PTV Healthcare Capital led the round, which included Accuitive Medical Ventures, Investor Growth Capital, US Venture Partners, Venrock, Versant Ventures and affiliates of Luther King Capital Management. The $40m first close of the round took place in November 2016.
Intuity has created a cloud-based glucose data management platform and an automated blood glucose testing device called Pogo, which automatically lances the patient’s finger to collect a blood sample and displays a result after only four seconds.
Emory Anderson, Intuity Medical’s president and CEO, said: “The additional funding will help further our commercialisation efforts in bringing Pogo Automatic to the US market for patients who have been looking for a convenient way to test their glucose.”
The extra investment increased Intuity’s overall debt and equity financing to more than $210m since it was founded in 2002, its earlier investors including life sciences investment firm Emergent Medical Partners.