GraphWear announced Monday it raised $20.5 million in Series B funding for its needle-free continuous glucose monitoring platform.

The round was led by Mayfield, with participation from MissionBio Capital, Builders VC and VSC Ventures.

WHAT IT DOES

The startup makes a wearable sensor that it claims can measure glucose molecules on the surface of the skin and provide a read of glucose levels without drawing blood.

“With GraphWear, we’ve sought to design a non-invasive solution, with low power requirements and a small form factor that opens up potential for monitoring health on a global scale,” president and cofounder Rajatesh Gudibande said in a statement.

“Through our partnership with world-class investors like Mayfield, we’re entering a new phase of development, to support patient lives and reinvent the way we understand and monitor health overall.”

WHAT IT’S FOR

GraphWear said it is currently in clinical trials to study its ability to accurately measure glucose levels, but it wants to expand into management for other diseases, like monitoring cholesterol or detecting cancer biomarkers.

The infusion of capital will support the company through clinical trials as well as help expand its employee base across all areas of its business.

MARKET SNAPSHOT

In 2018, 26.9 million people of all ages in the U.S. had diagnosed diabetes, according to the Centers for Disease Control and Prevention. The CDC’s report found that 1.4 million adults aged 20 years or older had Type 1 diabetes and used insulin. This is the population that most commonly uses continuous glucose monitoring.

Abbott is another big player in the CGM space. In August, the company won FDA clearance for its iOS companion app for its FreeStyle Libre 2 CGM, which got the green light from the agency in 2020.

Its Libre Sense Glucose Sport Biosensor for athletes received a CE Mark in Europe last month. 

In early 2021, telehealth giant Teladoc announced a pilot with CGM company Dexcom to use CGM data to inform eligible Type 2 diabetic members about lifestyle choices and changes in blood glucose. 

Late last year, Medtronic launched a CGM-connected smart insulin pen for people who need multiple daily injections.