Germantown, Maryland-based continuous glucose monitor developer Senseonics raised $20 million from existing investors Anthem Capital, Delphi Ventures, Greenspring Associates, Healthcare Ventures, and New Enterprise Associates. This brings the company’s total funding to at least $84 million to date.
Senseonics will use the funds to obtain a CE mark and start investigational device exemption (IDE) trials in the US. Completing an IDE trial allows the company to use the device in a clinical study to collect safety and effectiveness data, according to the FDA.
“We’re very happy of the continued support from our investors as we near the completion of the product development efforts for our first generation long-term CGM system,” Tim Goodnow, Senseonics CEO and President said in a statement.
Senseonics’ glucose monitor is embedded in the user’s upper arm so that it can continuously monitor the user’s glucose levels. The device is meant to last at least six months before it needs to be replaced. The sensor will send information to a transmitter that a users must wear on his upper arm as well. When on the user’s upper arm, the transmitter can take readings from the implanted glucometer and send them to a companion smartphone app. The transmitter can also connect to the user’s computer via USB to upload glucose history.