Biosensor developer Biolinq said today that it raised $4.8 million as an extension of its Series A financing round.
The San Diego-based company said that the investment in its expanded, oversubscribed Series A round was led by the JDRF T1D Fund, Aphelion Capital and LifeSci Venture Partners. With the additional funding, Biolinq said it raised a total of $15 million in the round.
“We are impressed with the initial clinical results Biolinq has achieved with their very promising technology. We believe the company is well positioned to set new standards for minimally invasive CGMs and are excited to support Biolinq during this critical phase as they work towards bringing next-gen solutions to market and explore future applications for people living with type 1 diabetes,” JDRF T1D Fund managing director Katie Ellias said in a press release.
Biolinq is developing a minimally invasive wearable sensor is designed to allow patients with diabetes to continuously monitor their blood glucose without having to perform finger sticks for calibration.
The company said that the new financing will support continued growth of the platform and additional clinical studies.
“Our results to date demonstrate our vision to increase access to CGM and further simplify the management of diabetes. 2018 was a landmark year for Biolinq, marked by the successful completion of our first clinical study. This funding round validates our strong clinical results and will continue to advance our technology platform towards commercial feasibility,” CEO Jared Tangney said in a prepared statement.