Sensors for Medicine and Science, Inc., a Germantown, MD-based medical device company focused on the development and commercialization of a fully implantable, long-term continuous glucose monitoring (CGM) system for people with diabetes, has raised $54.1m in Series D funding.
The round was led by new investor Delphi Ventures, with participation from existing investors New Enterprise Associates (NEA), HealthCare Ventures, Anthem Capital and Greenspring Associates.
The company intends to use the proceeds to fund the next product development phase and advance its worldwide clinical development programs and regulatory approvals.
Led by President and CEO Tim Goodnow, PhD., Sensors for Medicine and Science is developing a continuous glucose monitoring system that includes a miniaturized sensor and reader. The sensor is inserted into the subcutaneous space and is inductively powered and remotely interrogated, requiring no battery and no wires connecting the sensor to an external display reader. After insertion, the sensor functions noninvasively, automatically, and continuously.