Diabetes management technology pioneer Beta Bionics has achieved another milestone, successfully amassing $100 million in its latest Series D equity funding round.
The recent accomplishment surpasses the company's previous Series C round in which it secured $57 million in early 2022. Still, it remains slightly overshadowed by the substantial two-phase Series B funding from 2018 and 2019, which raised nearly $130 million.
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Spearheading the Series D initiative were new venture capital funds Sands Capital and Omega Funds. They were joined by an amalgamation of seasoned and new startup investors, including Marshall Wace, Soleus Capital and Eventide Asset Management, among others, showcasing a broad spectrum of trust and belief in Beta Bionics' vision.
At the core of Beta Bionics' breakthrough is the iLet artificial pancreas system. The unique technology, comprising an insulin pump and automated dosing software, seamlessly collaborates with a Dexcom continuous glucose monitor. This creates a hybrid closed-loop system, marking a significant advancement in diabetes management. The innovative aspect of Beta Bionics' system is its ability to function based on the user's weight, eliminating the need for complex setup procedures.
CEO Sean Saint articulated the company's vision, stating, "This impressive funding is a testament to our relentless mission of transforming diabetes management through user-centric technologies. Our aim is to make the iLet Bionic Pancreas accessible nationwide and further delve into the potential of a bi-hormonal bionic pancreas."
A History Of Innovation And Approval
Beta Bionics has consistently remained at the forefront of diabetic care. In May, the company gained coveted approval from the U.S. Food and Drug Administration (FDA) for its iLet ACE Pump and iLet Dosing Decision Software. The FDA's recognition is a testament to Beta Bionics' commitment to providing advanced and accessible solutions for those battling diabetes.
Looking Forward
Beta Bionics remains resolute in its commitment to pushing the envelope in diabetes care. The funding will expedite the nationwide rollout of the iLet Bionic Pancreas and fund research and development of additional systems to further support people with diabetes. With robust financial backing and an unyielding mission, Beta Bionics is poised to redefine the realm of diabetes management.
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