Biosensor developer Biolinq said today it closed a $10 million Series A financing round to support its wirelessly-enabled biosensor patch designed for continuous monitoring of biomarkers, with an initial focus on monitoring glucose in diabetes patients.
The round was led by M Ventures in collaboration with Hikma Ventures and joined by Grey Sky Venture Partners, Three Leaf Ventures, LifeSci Venture Partners and individual donators, the San Diego, Calif.-based company said.
The company’s 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.
“This funding round will fuel the growth of our technology platform. Our first product is not just another CGM technology, but a platform we built from the ground up with a focus on the end user. Our vision is to utilize our novel manufacturing approach to achieve low-cost and high uniformity, enabling factory calibration in a nickel-sized patch. With our low cost-of-goods and ease-of-use, we plan to increase access to CGM and simplify diabetes management,” Biolinq CEO Jared Tangney said in a press release.
As part of the funding round, M Ventures new businesses investment director Edward Kliphuis and Hikma Ventures managing director Lana Ghanem will join the company’s board of directors.
“We are leading this round of investment with an excellent group of co-investors, all with the same goal of making the convenient and painless monitoring of multiple biomarkers a reality for patients in need. As investors, we fully recognize the value of Biolinq’s skin-applied, minimally-invasive electrochemical biosensor platform technology,” Kliphuis said in a prepared statement.
“Chronic diseases like diabetes affect millions of people worldwide with a high prevalence in the Middle East and North Africa; markets we know well. We look forward to working with the Biolinq team and our co-investors to bring this pioneering technology to patients in need of a novel solution to continuously monitor their glucose levels, enabling them to live healthier lives,” Ghanem said in prepared remarks.