Implantable glucose monitor developer Senseonics raised $10 million in a new round of equity financing, according to an SEC filing.
Senseonics is developing micro-sized sensors and connected smartphone apps for glucose monitoring. The device is inserted into a patients upper arm, just below the skin, and can connect wirelessly to a smartphone application.
The device is designed to last at least 90 days, display trends, history and issues allerts for impending hypo or hyperglycemic events, the company said.
Ten unnamed investors chipped in $10 million for the round, with the company seeking an extra $2.5 million in hopes of closing the round with $12.5 million. The company has not stated what the funds will be used for.
Current investors, as listed on the company’s site, are Anthem Capital, Delphi Ventures, Greenspring Associates, HealthCare Ventures and New Enterprise Associates, but none have been indicated on the SEC filing.
In June last year, Senseonics raised $20 million to put toward pivotal trials of its glucose monitor, tapping a former Abbott (NYSE:ABT) and LifeScan executive to lead its sales & marketing efforts.
