Diabetes management technology company Beta Bionics has raised $100 million in a Series D funding round. The company’s flagship product is the iLet Bionic Pancreas, an autonomous insulin delivery solution designed to simplify diabetes management.
Cases of diabetes have been steadily increasing over the past few decades. More than 400 million people worldwide have diabetes today, with more than 1.5 million deaths directly attributed to the disease each year. Managing diabetes has become a multi-billion-dollar market.
Beta Bionics’ iLet platform employs adaptive, self-learning control algorithms in conjunction with continuous glucose monitoring and pump technology. Its primary aim is to autonomously compute and administer doses of insulin and/or glucagon, mimicking the body’s natural ability to maintain precise glycemic control.
Unlike traditional methods, the iLet system requires only the user’s weight as input. It autonomously calculates and administers insulin doses, eliminating the need for healthcare providers to determine complex settings such as correction factors, insulin-to-carb ratios, or pre-set basal rates. People with diabetes can forego the tedious tasks of carb counting and insulin corrections throughout the day, as the iLet takes charge of 100% of the insulin dosing process.
“This significant investment represents a powerful vote of confidence in Beta Bionics’ mission to redefine diabetes management with user-centric technologies,” said Sean Saint, CEO of Beta Bionics. “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.”
The round was jointly led by new investors Sands Capital and Omega Funds, along with participation from another new investor, Marshall Wace and previous investors.
“We’re excited to support the Beta Bionics team as they work to launch and develop breakthrough technologies that help reduce the burden of diabetes,” said Parker Cassidy, Partner, Sands Capital Ventures.