MILPITAS, Calif. – Diabetes management company Bigfoot Biomedical, Inc. has received an equity investment from the newly established JDRF T1D Fund.
JDRF is a strategic venture philanthropy fund with a focus on making high‐impact, early‐stage investments to accelerate commercial development of life‐changing therapies for people living withType 1 diabetes.
“We are thrilled to have a fund associated with the world’s largest nonprofit funder of T1D research as an investor,” said Jeffrey Brewer, Bigfoot president and CEO, in a statement. “Bigfoot is leveraging the work previously done by JDRF to prove feasibility for automated insulin delivery and define a regulatory path for approval by the FDA.”
The funding will be used to develop Bigfoot’s smartloop automated insulin delivery service, the core of which is a cloud-connected ecosystem for diabetes management that interfaces with wearable insulin delivery and glucose monitoring tools, all accessible through a secure mobile app on a smartphone and delivered as a bundled monthly subscription service.
Bigfoot completed its first clinical trial, which included both adult and pediatric participants, in late 2016. Another is planned for this year.
The company announced a Series A investment of $35.5 million in October.
“The investment in Bigfoot by the T1D Fund helps ensure competition and choice for the community of people who need a better way to live safely and thrive with T1D,” said Brewer. “JDRF is a partner who supports our vision of automated insulin delivery usable by anyone with T1D, supportable by any doctor, and fully covered by insurance.”
Brewer said Bigfoot’s smartloop automated insulin delivery service seeks to change the paradigm of care for insulin-dependent diabetes by leveraging data, connectivity, automation and machine learning to lessen the cognitive and emotional burdens on people with diabetes and maximize the leverage of health care providers.