Biolinq Secures $15 Million Series A Funding to Advance Minimally Invasive Nanotech Glucose Monitoring Patch

VCBeat (WeChat Official Account: vcbeat) learned from foreign media that on March 28, U.S. local time, Biolinq, headquartered in San Diego, California, announced an expansion of its oversubscribed Series A financing round by adding $4.75 million, bringing the total amount raised in the Series A round to $15 million.

It is reported that this round of financing was jointly participated in by existing investors M Ventures and Hikma Ventures, as well as new investors JDRF T1D Fund, Aphelion Capital, and LifeSci Venture Partners. The proceeds from the financing will be used to develop an innovative sensor technology platform.

Biolinq is a health technology company that has developed a minimally invasive electrochemical biosensor for application on the skin surface. By analyzing biomarkers in human interstitial fluid, this sensor provides valuable health information to physicians and patients. This unique wireless biosensor patch enables continuous monitoring of multiple biomarkers.

Biolinq was co-founded in 2012 by Dr. Jared Tangney and Dr. Joshua Windmiller, both of whom attended the University of California. Prior to establishing Biolinq, Dr. Joshua Windmiller recognized the medical potential of nanotechnology while conducting postdoctoral research at the NanoBioElectronics Laboratory at the University of California, San Diego (UCSD). He then collaborated with Dr. Jared Tangney, who holds a Ph.D. in Biomedical Engineering from UCSD, to apply minimally invasive nanobioelectronic technology to the field of diabetes care.

Schematic Diagram of Minimally Invasive Skin Nanopatch (Image Source: Official Website)

Biolinq’s proprietary biosensor skin nanoprosthesis enables patients with diabetes to monitor blood glucose in real time, 24 hours a day. By simply pressing the skin patch with their thumb, patients can obtain blood glucose readings without the need for blood sampling.

In diabetes management, blood glucose monitoring is particularly crucial. Traditional testing methods involve obtaining blood samples via fingerstick pricks to measure blood glucose levels. However, repeated skin punctures are not only cumbersome but also cause patients prolonged pain and trauma. Biolinq’s minimally invasive microneedle patch makes blood glucose testing more convenient, facilitates the widespread adoption of glucose monitoring, and has the potential to disrupt the current blood glucose monitoring market.

Katie Ellias, Managing Director of the JDRF T1D Fund, stated, “We believe Biolinq is well-positioned to establish a new standard for glucose monitoring and are delighted to support Biolinq during this critical phase. We look forward to seeing Biolinq’s products reach patients with diabetes as soon as possible.”

Lana Ghanem, General Manager of Hikma Ventures, stated, “We are highly satisfied with Biolinq’s painless blood glucose monitoring technology, which can help patients with diabetes better manage their condition.”

It is worth noting that Biolinq completed its initial Series A financing round, led by M Ventures, on November 27, 2017; this current financing serves as a supplement to that initial Series A round. Additionally, Biolinq conducted a seed financing round on September 1, 2016, although the specific amount and investors remain undisclosed.

M Ventures, also known as Merck Ventures, is the strategic corporate venture capital arm of Merck & Co., Inc. (known as MSD outside the United States and Canada), a globally renowned pharmaceutical company. Established in 2009 and based in HaMerkaz, Israel, the firm invests in innovative technologies and areas with the potential to impact Merck’s core business. To date, it has completed more than 70 investments.

Hikma Ventures is the corporate venture capital arm of biopharmaceutical company Hikma Pharmaceuticals. Established on August 18, 2015, and headquartered in London, UK, the firm focuses on investing in companies within the digital health sector. Its initial investment size reaches up to $5 million per round, with a geographic focus on the United States, the Middle East, and Africa.

The JDRF T1D Fund is an early-stage investment fund launched by JDRF. Established in 2016 and headquartered in Boston, Massachusetts, the fund specializes in investing in early-stage startups focused on type 1 diabetes, providing financial support through grants or venture capital investments. To date, the fund has completed 11 investments.

Aphelion Capital is a venture capital firm founded in 2005 and headquartered in Mill Valley, California, USA. The firm focuses on investing in companies at various stages that possess innovative medical technologies, helping to improve the quality and efficiency of healthcare services. Aphelion Capital’s investment sizes range from $5 million to $20 million, and it has completed over forty investments to date.

LifeSci Venture Partners is the corporate venture capital arm of LifeSci Partners. Established in 2017 and headquartered in New York, USA, the firm primarily invests in early-stage startups in the biotechnology and healthcare sectors, having completed ten investments to date.

(Compiled by Wang Chan)