NEW YORK (360Dx) – San Diego, California-based Biolinq said today that it has closed a $10 million Series A financing round.
The financing was led by Merck Ventures. Also participating was Hikma Ventures, as well as Grey Sky Venture Partners, Three Leaf Ventures, LifeSci Venture Partners, and a group of high-net-worth individuals who specialize in the field of diabetes.
Biolinq is developing a wirelessly enabled biosensor patch that would continuously monitor multiple biomarkers. The firm said that its first commercial product would allow patients with diabetes to continuously monitor their blood glucose without the pain and hassle of traditional systems.
Biolinq's CEO Jared Tangney said in a statement that the funding round "will fuel the growth" of its technology platform. He noted that the firm has built its platform with a focus on the end user, and that it is utilizing a novel manufacturing approach to achieve low-cost and high uniformity, enabling factory calibration in a nickel-sized patch and without finger sticks.
"With our low cost-of-goods and ease-of-use, we plan to increase access to [continuous glucose monitoring] and simplify diabetes management," he said.