Bigfoot Biomedical announces $45M Series C tranche, expands partnership with Abbott
Bigfoot Biomedical, a diabetes startup looking to automate insulin delivery via a connected insulin pen, has kicked off its Series C round with an initial tranche of $45 million. The raise is headed once again by Abbott, with prior backers Quadrant Capital Advisors, Senvest Capital, Janus Henderson and Cormorant Asset Management pitching in once again.
Alongside the news of its raise, Bigfoot also announced the signing of another partnership with Abbott that aims to develop and commercialize new programs that will integrate with the latter’s FreeStyle Libre diabetes management platform.
WHAT THEY DO
The Milpitas, California-based company is building an insulin delivery system able to connect to smartphones and other management devices. Called the Bigfoot Unity Diabetes Management Program, the injection-based platform includes a connected insulin pen that integrates with the FreeStyle Libre system and other technologies for its data-driven approach to dosage optimization.
The company is aiming to submit its system to the FDA for clearance sometime this year, with hopes to bring it to market by the end of 2020.
WHAT IT’S FOR
The company said that these funds will support continued product development as well as the aforementioned FDA regulatory submission. Bigfoot is also planning to conduct clinical trials of a future generation version of its systems that bring in closed-loop insulin injection and management technologies.
MARKET SNAPSHOT
It’s been just under two years since Bigfoot closed its $55 million Series B, which was also headed by Abbott. And while the two companies have been hand-in-hand for some time now, Bigfoot isn’t Abbott’s only source for smart insulin delivery technology — Novo Nordisk announced last year that its connected pens would also integrate with the Freestyle Libre, as well as with competing diabetes data management platforms like Glooko.
Meanwhile, big name competitors like Novo Nordisk has cast its lot in with Glooko’s diabetes data management platform.
ON THE RECORD
“We are excited to announce Abbott’s deepening support of Bigfoot Biomedical with this Series C financing,” Jeffrey Brewer, CEO of Bigfoot Biomedical, said in a statement. “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.”
