Diabetes management company Beta Bionics has closed a Series D funding round after reaching its financing goal of $100 million in new equity capital.
Two new investors, Sands Capital and Omega Funds co-led the financing round and received additional support from Marshall Wace. Existing investors also joined the Series D round, including Soleus Capital, Eventide Asset Management LLC, Farallon Capital, Perceptive Advisors, RTW Investments, LP-managed funds, ArrowMark Partners, and Pura Vida Investments.
The company plans to use the latest funding to improve its diabetes technology and expand its market presence.
The flagship product of the company is the iLet Bionic Pancreas, an autonomous insulin delivery system.
The device automatically determines the user’s insulin dose, but despite the function, patients still need to be aware of their carbohydrate intake.
Expressing his gratitude to the contributors of the last funding round, Sean Saint, CEO of Beta Bionics said: “We are deeply grateful to our investors for recognizing the immense potential of our products. We are eager to push the boundaries of what’s possible by expanding access to the iLet Bionic Pancreas nationwide and further develop and test the bi-hormonal bionic pancreas.”
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Stephen Feider, CFO at Beta Bionics echoed Saints statement emphasising the significance of the capital infusion, saying: “Our ability to secure this capital is a testament to iLet’s competitive differentiation and our financial discipline. Thank you to the investors for believing in our team and the mission.”
The company raised $57 million in its Series C equity financing in February 2022. Which was co-led by existing Series B and B-2 investors Soleus Capital, Perceptive Advisors, Farallon Capital Management, L.L.C., RTW Investments, LP, and Eventide Asset Management.
In May 2023 the company was granted US Food and Drug Administration (FDA) approval for its iLet ACE Pump and iLet Dosing Decision Software which is designed to treat people with type 1 diabetes aged six years and above.