Intuity Medical, a US-based diabetes-focused medical device developer spun out of research organisation Sarnoff Corporation, closed a $40m funding round on Thursday led by venture capital firm PTV Healthcare Capital.
The deal, dubbed a series 3 round by Intuity, also featured Luther King Capital Management, Accuitive Medical Ventures, Investor Growth Capital, US Venture Partners, Venrock and Versant Ventures.
Founded in 2002 as Rosedale Medical, Intuity has developed a blood glucose monitoring system called Pogo that allows diabetes patients to test their sugar levels more discreetly, requiring only a single device instead of separate lancets and strips.
The product received regulatory approval in the US in April 2016. It provides results within four seconds of collecting a blood sample through a prick in the finger and uploads the data to a cloud-based platform to share with the user’s doctor.
Intuity has now secured approximately $196m in equity funding and debt financing. Its other shareholders include Emergent Medical Partners, and the debt element of its past financing was provided by Silicon Valley Bank and Oxford Finance.
Thomas McNerney and Partners, Pequot Ventures, FirstMark Capital and Sarnoff parent company SRI International have also backed Intuity in the past, according to deals database Pitchbook, but none of those investors are currently listed on the company’s website.
Emory Anderson, president and chief executive of Intuity Medical, said: “Blood glucose monitoring is an essential component of diabetes management, and people with diabetes continue to actively voice the need for a simpler method.
“Intuity’s unique technology with integrated lancing, simplifies testing to just one, easy step. With this recent funding, we have the ability to bring Pogo Automatic to the US market for patients who have been looking for a convenient way to test their glucose.”