Biomedical Bigfoot, Inc. , a diabetes solutions company that leverages the power of artificial intelligence to optimize the dosing and delivery of insulin for people with insulin-requiring diabetes, today announced that the company has completed $55 million of Series B equity financing with new investments from Abbott and other new and existing investors, bringing the total amount of equity raised by the company to more than $90 million.
This funding is the result of the $36 million Series A funding in 2016 and the announcement in December 2017 of the first tranche of the Series B round of $37 million co-funded by Janus Capital Management LLC, along with Bigfoot’s largest existing investor, Quadrant Capital Advisors, Inc. In addition, existing investors Cormorant Asset Management, Senvest Capital Inc. , Senvest Management LLC, Visionnaire Ventures, JDRF T1D Fund and T1D Exchange also participated in the financing process.
“We’re excited to welcome Abbott to our list of investors,” said Jeffrey Brewer, President and Chief Executive Officer of Bigfoot Biomedical. “Abbott’s inclusion in our funding speaks to the alignment of our two companies’ vision to change the paradigm of care for people with insulin-requiring diabetes. “That’s right.
In July, Bigfoot Biomedical and Abbott announced that the companies had entered into an agreement to develop and market diabetes management systems, integrating the highly successful Abbott FreeStyle Libre glucose-sensing technology as the centerpiece for glucose monitoring capabilities within Bigfoot’s insulin delivery ecosystem.
Funds will be used to support ongoing product development, clinical trials and commercialization of Bigfoot Class III investigational systems, including 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.
Bigfoot Biomedical, Inc.
Bigfoot Biomedical was founded by a team of people who have a personal connection to type 1 diabetes. With its Loop and Inject services, the company seeks to reduce the burden of living with insulin-requiring diabetes and maximize the leverage of health care providers through data, connectivity, automation and artificial intelligence. Learn more about Bigfootbiomedical Come on, Follow us on Twitter @BigfootBiomed and on Facebook.
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