- Bigfoot Biomedical is a company known for optimizing insulin delivery. And recently, the company announced it raised $45 million in an initial tranche of a Series C equity financing
Bigfoot Biomedical is a company known for optimizing insulin delivery. And recently, the company announced it raised $45 million in the initial tranche of a Series C equity financing led by Abbott with support from existing investors, including Quadrant Capital Advisors, Senvest Capital, Janus Henderson, and Cormorant Asset Management.
Bigfoot is essentially a medical device company that is dedicated to simplifying and optimizing insulin delivery and dosing decisions for people living with insulin-requiring diabetes through the use of artificial intelligence and automation. And the company’s integrated system and services address many of the challenges facing people with Type 1 and Type 2 diabetes, health care providers, and insurance institutions. Insulin-requiring diabetes impacts more than 6 million Americans and the vast majority of them are not reaching clinical targets for optimal glucose levels.
With this round of funding, the company will be supporting the completion of product development and FDA clearance for the Bigfoot Unity Diabetes Management Program, which is an injection-based digitized insulin dosing platform that utilizes a proprietary and connected insulin pen-based system that integrates Abbott’s FreeStyle Libre glucose sensing technology.
The submission of Bigfoot Unity is anticipated in 2020 with a target launch by year-end 2020. And Series C funds will be used for clinical trials of future generation Bigfoot Unity systems incorporating closed-loop technology for injection users.
Along with investing in Bigfoot Biomedical, Abbott entered into a commercial agreement with the company to develop and commercialize diabetes management programs that integrate with the FreeStyle Libre platform.
“We are excited to announce Abbott’s deepening support of Bigfoot Biomedical with this Series C financing,” said Jeffrey Brewer, chief executive officer of Bigfoot Biomedical. “Their investment bolsters and validates our approach to provide a wholly integrated offering, utilizing innovative technologies. Our industry partnership with Abbott uniquely positions us to reduce the heavy burden of dosing decisions for people with insulin-requiring diabetes.”
