Bigfoot Biomedical Secures $45M Series C Funding to Advance Digital Insulin Management Platform for Type 1 Diabetes

VCBeat (WeChat ID: vcbeat) learned from foreign media that on January 13, 2020, U.S. medical device company Bigfoot Biomedical announced the completion of a $45 million Series C financing round. The round was led by Abbott, with other investors including Quadrant Capital Advisors, Senvest Capital, Janus Henderson, and Cormorant Asset Management.

Bigfoot Biomedical, founded on November 18, 2014, and headquartered in California, USA, is a medical device company. The company is dedicated to simplifying and optimizing insulin delivery and dosing decisions through AI and automation technologies, serving patients with diabetes who require insulin. Its integrated systems and solutions address many challenges faced by patients with type 1 and type 2 diabetes, healthcare providers, and insurance institutions.

Type 1 diabetes affects more than 6 million Americans, the vast majority of whom have not yet achieved clinical targets for blood glucose levels.

Upon the completion of this funding round, Bigfoot Biomedical intends to utilize the proceeds to finalize product development and secure FDA approval for the “Bigfoot Unity Diabetes Management Program” (hereinafter referred to as “BUDMP”). Additionally, the funds raised in this round will be allocated to clinical trials for the next-generation BUDMP system.

BUDMP is an injection-based digital insulin delivery platform that leverages a proprietary, connected insulin pen system integrated with Abbott’s FreeStyle Libre glucose sensing technology. Through this platform, Bigfoot Biomedical can provide customers with comprehensive digital drug delivery, thereby transforming the treatment and care process for diabetes. BUDMP was expected to be submitted in 2020 and launched by the end of 2020.

Jeffrey Brewer, CEO of Bigfoot Biomedical, stated, “We are pleased to announce further support from investors for Bigfoot Biomedical. Their investment supports and validates our approach to delivering fully integrated products through innovative technology.”

Regarding the technical collaboration between Bigfoot Biomedical and Abbott, Jeffrey Brewer stated, “Our industry partnership with Abbott gives us a unique advantage in reducing the decision-making burden of insulin dosing for people with type 1 diabetes.”

Previously, Bigfoot Biomedical completed four rounds of financing: a $2 million seed round on November 18, 2014; a $35.5 million Series A round on October 5, 2016; a $37 million Series B round on December 18, 2017; and an $18 million Series B round on March 21, 2018.

Abbott was founded in 1888 by American physician Wallace C. Abbott. The company’s core businesses encompass pharmaceuticals, medical devices, and nutritional products, and it has undertaken several major acquisitions during its operational history. Abbott’s product portfolio spans animal health, medical diagnostics, nutritional products, and cardiovascular care, including veterinary anesthetics and vascular-related medical devices.

Quadrant Capital Advisors is an investment advisory firm headquartered in New York, United States.

Headquartered in Montreal, Canada, Senvest Capital is a holding company established in 1968, primarily engaged in investment management, direct investments in public securities, and private equity. Senvest went public on the Toronto Stock Exchange in 1971. It was initially founded as the exclusive Canadian licensee and distributor of Sensormatic Electronics, a U.S.-based pioneer in retail electronic security and anti-theft systems. Among other businesses acquired and operated by the company, Senvest Capital spearheaded the development and operation of First Choice, one of Canada’s first cable television channels, which it later sold to Astral Media, a leading Canadian media company.

Janus Henderson Investors is a globally leading active asset management firm, established in 2017 and headquartered in England, UK, dedicated to helping clients achieve their long-term financial goals.

Cormorant Asset Management is an employee-owned hedge fund firm headquartered in Boston, United States. The firm primarily provides portfolio management and advisory services to collective investment vehicles worldwide.

(Compiled by: Yang Xiaohui)