This funding round adds to the $100 million Series D financing Beta Bionics completed in August 2023.
Irvine, California-based Beta Bionics develops the iLet bionic pancreas, an automated insulin delivery system. The system, which streamlines diabetes management by reducing the burden on patients and physicians, received FDA clearance in May 2023.
iLet users can “go bionic,” requiring no carb counting or insulin correction calculations. Then, iLet determines 100% of the insulin doses throughout the day. The only input required to get started is the user’s weight.
The company plans to use proceeds from the financing to support expanded commercialization of iLet and product pipeline development. It says it continues to work toward improving health outcomes and the quality of life of children and adults living with diabetes and other conditions of glycemic dysregulation.
New investor Wellington Management led the funding round. Previous investors Eventide Asset Management LLC, certain funds managed by RTW Investments, Sands Capital, Soleus Capital, Omega Funds, Perceptive Advisors and Marshall Wace also participated.
This marks the latest in a series of positive milestones for the company. In addition to last year’s large Series D and FDA clearance for iLet earlier this year the company announced the 10,000th patient start on its iLet system in August of this year. Then, last month, Beta Bionics announced that it launched the integration of iLet with the Abbott FreeStyle Libre 3 Plus.
