Biotech start-up receives $19m in Series A funding for wearable glucose monitors
Sava Technologies’ wearable glucose monitor granted USD $19m in Series A funding.
Biotech start-up Sava Technologies (London, UK) has secured USD $19m in Series A funding for its wearable monitoring device. This funding comes after the firm announced promising initial results from clinical trials on their device. Data from the first 25 patients of an independent clinical trial yielded promising results in accuracy and longevity for their continuous glucose monitors (CGMs). The firm hopes that this injection of capital investment will allow them to secure regulatory approval and pivot to marketization and mass production of the biodevices.
“The data generated so far has shown that our technology has the potential to match the performance of leading CGMs in the market today, without the invasiveness or high cost of filament-based systems. It paves the way for a completely novel approach to biosensing that can redefine [how] we approach not only chronic disease management, but any health goal,” said Rafaël Michali, Sava Technologies Co-founder. The company is keen to capitalize on the expanding CGM market, which they value at $11bn and growing, with most diabetes patients yet to adopt continuous glucose monitoring.
Glucose is not the only biomarker that Sava has set their sights on, and the company is confident that once their device has proved effective as a CGM, they will expand the scope of their wearables to other molecules. This would pivot them from a diabetes-specific product to a broader personalized health monitor. They value the market for general health wearables to be considerably higher, projecting a value of over $100bn in 2029. However, very little currently exists from Sava or other sources to ascertain which other biomarkers their monitors will be capable of detecting.
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This recent round of funding bolsters their $13m of initial seed investment, raising the total pot of venture capital thrown behind the company to USD $32m. Investment was led by Balderton Capital and Pentland Ventures (both London, UK), with participation from multiple other investment firms. Investor Charlie Rubin, speaking on behalf of Pentland Ventures, said the company was “thrilled to be part of the journey” and that “Sava is positioned to lead the next wave of innovation in the $100B+ global health wearables market.”
