Bigfoot Biomedical, a US-based diabetes management technology developer backed by medical device manufacturer Abbott, received $57m of debt and equity financing from alternative asset manager Madryn Asset Management on Wednesday.
Founded in 2014, Bigfoot is developing technology used to manage the dosage of insulin injections for people with type 1 and type 2 diabetes.
Products under development by the company include an insulin pen that can connect to smartphones and an automated infusion pump for insulin. The funding will go toward commercialisation activities for its diabetes management technology.
Bigfoot’s chief executive, Jeffrey Brewer, said: “As our company prepares for commercialisation of the Bigfoot Unity System, we are pleased to partner with Madryn, a firm with demonstrated success identifying transformative technologies within the healthcare industry.
“Their investment will enable us to scale our commercial efforts with greater speed and geographic reach.”
Abbott led a $55m series C round for Bigfoot that closed in June 2020 and which also included charitable organisation Smile Group, Quadrant Capital Advisors, Senvest Capital, Janus Henderson, Cormorant Asset Management and undisclosed new investors.
The company had already raised $55m in a 2018 series B round featuring Abbott, Janus Henderson, Quadrant Capital, Cormorant, Senvest Capital, Senvest Management, Visionnaire Ventures, JDRF T1D Fund and T1D Exchange.
Bigfoot’s $35.5m series A round was led by entities advised by Quadrant Capital in 2017, and was backed by Cormorant, Senvest Capital and Visionnaire Ventures.
Image courtesy of Bigfoot Biomedical, Inc.