GraphWear introduced Monday it raised $20.5 million in Collection B funding for its needle-free steady glucose monitoring platform.
The spherical was led by Mayfield, with participation from MissionBio Capital, Builders VC and VSC Ventures.
WHAT IT DOES
The startup makes a wearable sensor that it claims can measure glucose molecules on the floor of the pores and skin and present a learn of glucose ranges with out drawing blood.
“With GraphWear, we’ve sought to design a non-invasive answer, with low energy necessities and a small type issue that opens up potential for monitoring well being on a world scale,” president and cofounder Rajatesh Gudibande mentioned in an announcement.
“Via our partnership with world-class traders like Mayfield, we’re coming into a brand new part of improvement, to help affected person lives and reinvent the best way we perceive and monitor well being general.”
WHAT IT’S FOR
GraphWear mentioned it’s at the moment in medical trials to review its skill to precisely measure glucose ranges, but it surely needs to increase into administration for different ailments, like monitoring ldl cholesterol or detecting most cancers biomarkers.
The infusion of capital will help the corporate by way of medical trials in addition to assist increase its worker base throughout all areas of its enterprise.
In 2018, 26.9 million individuals of all ages within the U.S. had identified diabetes, in keeping with the Facilities for Illness Management and Prevention. The CDC’s report discovered that 1.4 million adults aged 20 years or older had Sort 1 diabetes and used insulin. That is the inhabitants that mostly makes use of steady glucose monitoring.
Abbott is one other large participant within the CGM house. In August, the corporate received FDA clearance for its iOS companion app for its FreeStyle Libre 2 CGM, which bought the inexperienced gentle from the company in 2020.
Its Libre Sense Glucose Sport Biosensor for athletes obtained a CE Mark in Europe final month.
In early 2021, telehealth large Teladoc introduced a pilot with CGM firm Dexcom to make use of CGM information to tell eligible Sort 2 diabetic members about way of life selections and adjustments in blood glucose.
Late final 12 months, Medtronic launched a CGM-connected good insulin pen for individuals who want a number of day by day injections.