Bigfoot Biomedical, Inc., a Milpitas, Calif.-based diabetes solutions company, completed a $55m Series B equity financing.
Backers included Abbott and other new and existing investors.
This round – which follows a $36m Series A financing in 2016 and the announcement of the first tranche of the Series B round in December 2017 in the amount of $37m, co-led by funds managed by Janus Capital Management LLC, along with Quadrant Capital Advisors, and existing investors Cormorant Asset Management, Senvest Capital Inc., Senvest Management LLC, Visionnaire Ventures, JDRF T1D Fund, and T1D Exchange – brings the total amount of equity raised by the company to over $90m.
The company will use the funds for ongoing product development, clinical trials, and commercialization for its Class III investigational systems, which include Bigfoot Loop, an infusion pump-based closed loop automated insulin delivery system, and Bigfoot Inject, a connected insulin pen-based decision support system for people on injection therapy.
Led by Jeffrey Brewer, president and chief executive officer, Bigfoot Biomedical leverages artificial intelligence to optimize the dosing and delivery of insulin for people with insulin-requiring diabetes. In July, the company entered into an agreement with Abbott to develop and commercialize diabetes management systems, integrating the Abbott FreeStyle® Libre glucose-sensing technology as the centerpiece for glucose monitoring capabilities within Bigfoot’s ecosystem of insulin delivery solutions.