This morning Bigfoot Biomedical, a diabetes startup focused on automating insulin delivery through a connected insulin pen, picked up an extra $10 million Series C funding, closing the round at $55 million. Pharma giant Abbott led the round with participation from Quadrant Capital Advisors Senvest Capital, Janus Henderson, Cormorant Asset Management and other funders.
When the first $45 million of the Series C round was announced in January, the news was paired with an announcement that it signed yet another partnership with Abbott in an effort to develop and commercialize new programs that will integrate into the FreeStyle Libre system.
As part of today’s news the company also announced that Bryan Mazlish, the company’s cofounder and current president, will be transitioning to Executive Board Director.
WHAT THEY DO
The startup has developed an insulin-delivery system that is able to connect to smartphones and other management devices in order to help with dosing.
It is currently developing a tool called the Bigfoot Unity Diabetes Management program, which was developed to include a connected insulin pen that can integrate with Abbott’s FreeStyle Libre in order to help patients with insulin-dosing recommendations. The tool does this through the use of artificial intelligence, algorithms and automation.
Eventually the plan is to offer the system as a monthly subscription, which will include both the insulin caps, Abbot’s glucose-sensing tool, pen needles, backup blood glucose meters, glucose test-strips and alcohol swabs.
While the Bigfoot Unity Diabetes Management program is currently not FDA cleared, it reports that it is planning to submit the technology to the agency in 2020.
The company also has an FDA-cleared tool called the Bigfoot Autonomy Diabetes Management Program, which includes a “pump-based closed loop automated insulin delivery system.”
WHAT IT’S FOR
The company plans to use the new funds to continue to produce its development of the Bigfoot Unity System and get it through the FDA submission and review process.
“Right now, we’re laser focused on validating and launching the technology for Bigfoot Unity,” Jeffrey Brewer, chief executive officer of Bigfoot Biomedical, said in a statement. “Breaking ground with this initial Bigfoot Unity product offering provides us a better commercial foundation for launching an automated insulin delivery system, like Bigfoot Autonomy, in the future.”
MARKET SNAPSHOT
Bigfoot was founded in 2014, and was originally called SmartLoop Labs, but it changed its name to Bigfoot Biomedical in 2015. It is a particularly well-funded company, closing a $55 million Series B financing round in 2018, and its Series A funding in 2016 with $35.5 million.
While Abbott and Bigfoot have a history of partnerships, Bigfoot isn’t Abbott’s only source for smart insulin-delivery technology. Novo Nordisk announced last year that its connected pens would also integrate with the Freestyle Libre, as well as with competing diabetes data-management platforms like Glooko.
