This funding round saw co-leadership from fresh investors, namely Sands Capital and Omega Funds, joined by new contributor Marshall Wace. Returning investors, including Soleus Capital, Eventide Asset Management LLC, Farallon Capital, Perceptive Advisors, and certain funds under RTW Investments, LP, as well as ArrowMark Partners and Pura Vida Investments, also participated in this financial backing.
The capital influx will fuel Beta Bionics’ expansion initiatives and support the ongoing development of innovative solutions.
Advancing Diabetes Management
Under the guidance of CEO Sean Saint, Beta Bionics specializes in advancing diabetes management through its groundbreaking product, the iLet Bionic Pancreas. This medical technology offers an autonomous insulin delivery system, effectively streamlining diabetes management. It targets both single hormone and bi-hormonal configurations, thereby alleviating the challenges faced by patients and healthcare professionals alike.
iLet Bionic Pancreas: Streamlined Diabetes Management
The iLet Bionic Pancreas leverages a cutting-edge approach, incorporating adaptive, self-learning control algorithms alongside continuous glucose monitoring and pump technology. This unique combination autonomously computes and administers precise doses of insulin and/or glucagon. By mimicking the body’s natural glycemic control mechanism, this innovation substantially reduces the burdens associated with diabetes.
“This significant investment represents a powerful vote of confidence in Beta Bionics’ mission to redefine diabetes management with user-centric technologies,” Beta Bionics CEO Sean Saint said in a news release. “We are deeply grateful to our investors for recognizing the immense potential of our products. We are eager to push the boundaries of what’s possible by expanding access to the iLet Bionic Pancreas nationwide and further develop and test the bi-hormonal bionic pancreas.”
Investor Support and Vision
Sands Capital and Omega Funds spearheaded the Series D funding round, supported by new entrant Marshall Wace, alongside established investors who also reaffirmed their commitment. Beta Bionics CEO Sean Saint expressed gratitude for the substantial investment, emphasizing the endorsement of the company’s mission to redefine diabetes management through user-centric technologies. He also expressed enthusiasm for expanding the reach of the iLet Bionic Pancreas and advancing the bi-hormonal bionic pancreas.
A Closer Look at the iLet Bionic Pancreas
With the iLet Bionic Pancreas, users input their weight, and the system takes care of the rest. This revolutionary technology eliminates the need for complex settings like correction factors, insulin-to-carb ratios, and pre-set basal rates that healthcare providers usually handle. Users can now seamlessly “go bionic” in managing their diabetes, negating the need for carb counting and insulin correction calculations. The iLet system autonomously calculates 100% of insulin doses throughout the day.
Seamless Automation and Enhanced Meal Management
The iLet system relies on an adaptive, closed-loop algorithm. Upon initialization, it integrates the user’s body weight, eliminating the requirement for additional insulin dosing parameters. This dynamic algorithm eliminates the manual adjustment of insulin pump therapy settings and variables.
Transforming Mealtime Management
The iLet system introduces an innovative meal announcement feature, rendering traditional carb counting obsolete. Users can categorize their meal sizes as “small,” “medium,” or “large.” As users engage with this system, the algorithm learns to tailor responses to individual insulin needs.
Integration and Compatibility
Presently, the iLet system pairs with the Dexcom G6 continuous glucose monitor (CGM) and aligns with Convatec’s infusion set. The latter, an all-in-one infusion set with an integrated insertion device, securely connects to the iLet system on one end and the infusion site on the other. Boasting a soft, indwelling cannula and a slender, stainless steel needle, these infusion sets leverage kink-free infusion tubing to ensure uninterrupted insulin delivery. Additionally, the skin-friendly adhesive tape ensures secure placement.
Transforming Diabetes Management
Beta Bionics’ successful Series D funding round underscores the significant strides made in diabetes management technology. The company’s iLet Bionic Pancreas offers a revolutionary approach, simplifying the lives of patients and medical professionals alike. The substantial financial support and investor confidence highlight the company’s potential to reshape diabetes care.
Beta Bionics, a diabetes management solutions company, has secured $100 million in Series D funding. New investors, including Sands Capital and Omega Funds, co-led the round, alongside new participant Marshall Wace, with support from existing investors. The funds will fuel the company’s expansion and development efforts. Led by CEO Sean Saint, Beta Bionics specializes in the iLet Bionic Pancreas, an autonomous insulin delivery system. This system employs advanced algorithms, continuous glucose monitoring, and pump technology to autonomously calculate and administer insulin doses, relieving the burden of diabetes management. The company’s innovations are poised to redefine diabetes care.
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