Biolinq received $100 million in a Series C funding round to bring its wearable for patients with diabetes to market, the company said Tuesday.
The wearable, which is aimed at Type 2 diabetes patients not on insulin, has been in development for the last decade. The financing will help the company take the next step toward Food and Drug Administration approval as it prepares to bring the device to market.
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Venture capital firm Alpha Wave Ventures led the round with participation from RiverVest Venture Partners, AXA IM Alts, LifeSci Venture Partners, M Ventures, Hikma Ventures, Aphelion Capital, Taisho Pharmaceutical and Features Capital.
Patient place Biolinq's wearable on their upper forearm and an indicator light changes colors to provide real-time feedback on their glucose levels. The company said in a release the wearable can also assess patients' physical activity and sleep.
The wearable uses an array of electrochemical sensors that are small enough that the patient can hardly feel them, the company said. It differs from standard subcutaneous glucose sensors in that it penetrates a shallower layer of a patient's skin.
Rich Yang, CEO of Biolinq, said in statement it's unclear how long regulatory approval might take due to ongoing changes at the FDA including layoffs and staffing issues.
Biolinq received a $58 million undisclosed funding round in April 2024, also led by Alpha Wave Ventures, to help it complete a pivotal clinical trial. The company completed its pivotal clinical trial in June 2024.
