MILPITAS, Calif.--(BUSINESS WIRE)--Bigfoot Biomedical, Inc., a diabetes solutions company harnessing 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 a $55 million 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 over $90 million.
This financing follows a $36 million Series A financing in 2016 and the announcement of the first tranche of the Series B round in December 2017 in the amount of $37 million, co-led by funds managed by Janus Capital Management LLC, along with Bigfoot’s largest existing investor, Quadrant Capital Advisors, Inc. Additionally, existing investors Cormorant Asset Management, Senvest Capital Inc., Senvest Management LLC, Visionnaire Ventures, JDRF T1D Fund, and T1D Exchange also participated in the financing.
“We are 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 financing speaks to our two companies’ alignment of vision for changing the paradigm of care for people with insulin-requiring diabetes.”
In July, Bigfoot Biomedical and Abbott announced that the companies had entered into an agreement to develop and commercialize diabetes management systems, integrating the highly successful Abbott FreeStyle® Libre glucose-sensing technology as the centerpiece for glucose monitoring capabilities within Bigfoot's ecosystem of insulin delivery solutions.
Funds will be used to support ongoing product development, clinical trials, and commercialization for Bigfoot’s Class III investigational systems, which include 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.
About Bigfoot Biomedical, Inc.
Bigfoot Biomedical was founded by a team of people with 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 to maximize the leverage of health care providers through data, connectivity, automation, and artificial intelligence. Learn more at bigfootbiomedical.com. Follow us on Twitter @BigfootBiomed and Facebook.