Intuity Medical, Inc., a Sunnyvale, CA-based developer of innovative technologies for diabetes management, closed a $40M Series 3 round of financing.
The round was led by new investor PTV Healthcare Capital, with participation from Luther King Capital Management and existing investors Accuitive Medical Ventures, Investor Growth Capital, U.S. Venture Partners, Venrock and Versant Ventures.
Led by Emory Anderson, President and CEO, Intuity has developed the POGO® Automatic™ Blood Glucose Monitoring System, a blood glucose meter and multi-test cartridge providing automatic testing with lancing, blood collection and analysis without the need for separate strips and lancets.
To perform a test, a patient presses the test port, and POGO automatically lances the finger, collects a blood sample and displays a result after a four-second countdown. The test only requires a tiny blood sample of 0.25 microliters to analyze the glucose value.
When combined with its proprietary Patterns® Diabetes Management System, a secure cloud-based platform for managing glucose information, POGO provides both healthcare professionals and patients a comprehensive shared platform to detect and manage patterns and trends that impact overall glucose control.
The system received clearance from the U.S. Food and Drug Administration (FDA) in April 2016.