Bigfoot Biomedical Secures $55 Million Series C Funding to Advance Diabetes Management System Bigfoot Unity and FDA Submission

VCBeat (WeChat ID: vcbeat) has learned that on June 2, 2020, Bigfoot Biomedical announced the completion of a $55 million Series C financing round to support product development of the Bigfoot Unity system as well as its FDA submission and approval. The round was led by Abbott, with participation from Quadrant Capital Advisors, Senvest Capital, Janus Henderson, Cormorant Asset Management, and Smile Group.

Bigfoot Biomedical is a medical device company led by Jeffrey Brewer, currently developing an insulin information delivery system called “Bigfoot Unity.” The system can connect to smartphones and other management devices, optimizing insulin regimens for patients with diabetes through big data algorithms, artificial intelligence, and automation technologies. The company expects to complete FDA approval and clinical testing of the Bigfoot Unity product by the end of 2020 and then launch it on the market.

Bigfoot Unity integrates Abbott’s FreeStyle Libre glucose sensing technology, with the aim of helping patients with diabetes determine insulin injection timing and dosage in accordance with physicians’ recommendations. Patients and physicians can use the Bigfoot Unity system to view and share glucose readings and medication dosages, thereby improving health outcomes for individuals with diabetes.

The company plans to offer Unity on a monthly subscription basis. The Unity system includes Abbott’s continuous glucose monitor (CGM) and Bigfoot products, which comprise insulin pen caps, backup blood glucose meters, pen needles, glucose test strips, and a mobile application. Clinicians can view patient data through the Unity app and provide medication guidance.

In addition to the above products, Bigfoot’s product portfolio also includes the Bigfoot Autonomy Diabetes Management Program, which features a pump-based, closed-loop automated insulin delivery system that has received the FDA “Breakthrough Device” designation. This system requires pivotal clinical trials and regulatory approval before it can be deployed for use.

“Currently, we are focused on the product development and FDA clearance of Bigfoot Unity. The successful development of the Bigfoot Unity system has provided a stronger commercial foundation for our upcoming automated insulin delivery systems, such as Bigfoot Autonomy,” said Jeffrey Brewer, CEO of Bigfoot Biomedical.

Abbott is a global leader in healthcare, with leading businesses and products in medical diagnostics, medical devices, nutritionals, and branded generic pharmaceuticals. As a diversified healthcare company, Abbott aims to achieve top-tier corporate growth, expand profits, and increase shareholder returns by aligning its development strategy with trends in healthcare markets across both developed and developing countries.

Quadrant Capital Advisors is a venture capital advisory firm founded in 2003, with investments spanning the energy and power, utilities, real estate, media, internet, manufacturing, biotechnology, and consumer goods sectors. To date, Quadrant has completed 10 investments, serving as the lead investor in Bigfoot Biomedical’s Series A and B financing rounds and participating as a co-investor in its Series C round.

Senvest has been publicly traded since 1971 and is currently listed on the Toronto Stock Exchange. It was originally established as the exclusive Canadian licensee and distributor of Sensormatic Electronics, a U.S.-based company. In the late 1980s and early 1990s, Senvest divested its operating businesses to focus on public securities funds and private investments. Senvest began serving as an investment adviser on April 1, 1997, and registered with the U.S. Securities and Exchange Commission (SEC) on March 30, 2012.

Janus Henderson was formed in 2017 through the merger of Janus Capital Group and Henderson Global Investors, dedicated to delivering enterprise value through active management. As a leading global asset manager, Janus Henderson Investors is committed to helping clients achieve long-term financial growth.

Cormorant Asset Management is a New Zealand-based hedge fund sponsor that provides services for pooled securities investments, with a focus on late-stage healthcare and medical investments.

As an experienced and internationally renowned management team, Smile Group focuses on investments in digital media, consumer internet SaaS, and other sectors. Smile Group provides financial support to early-stage and established internet companies, helping them build internet- and technology-driven businesses that enable market leadership, high growth, and strong shareholder returns.