Sensors for Medicine and Science (SMSI) has secured $54m in Series D equity financing to develop and commercialise an implantable, long-term continuous glucose monitoring system, used to treat diabetes.

The system features a miniaturised sensor, which is inserted into the subcutaneous space, and an external display reader.

The move follows a human pilot study, which demonstrated that the system accurately measured glucose.

The financing round was led by Delphi Ventures, New Enterprise Associates, HealthCare Ventures, Anthem Capital and Greenspring Associates.

SMSI plans to use the funds to advance clinical development programmes and regulatory approvals.