Bigfoot Biomedical, a medical device company creating insulin delivery through the use of AI and automation announced it has raised $45 million in the initial tranche of Series C equity financing.
Proceeds from the financing will support the completion of product development and FDA clearance for the Bigfoot Unity™ Diabetes Management Program, an injection-based digitized insulin dosing platform utilizing a proprietary, connected insulin pen-based system that integrates Abbott’s FreeStyle Libre glucose sensing technology.
Submission of Bigfoot Unity is anticipated in 2020 with a target launch by year-end 2020.
Series C funds will also be directed toward clinical trials of future generation Bigfoot Unity systems incorporating closed-loop technology for injection users.
The round is led by Abbott, with support from existing investors.
Aside from investment in Bigfoot Biomedical, Abbott has entered into a commercial agreement with Bigfoot 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.”
Brewer added Bigfoot Biomedical’s partnership with Abbott uniquely positions the company to reduce the heavy burden of dosing decisions for people with insulin-requiring diabetes.
Feature image courtesy: Bigfoot Biomedical Inc.
- Bigfoot Biomedical. (Jan. 13, 2020). Bigfoot Biomedical® Announces Initial $45 Million of a Series C Financing Led by Abbott. Retrieved Jan. 13, 2020 from https://www.businesswire.com/news/home/20200113005615/en