Dive Brief:
- Ascensia Diabetes Care led a $36 million Series B round in London-based glucose sensor maker Sava Technologies, the startup said Friday.
- The companies also struck a strategic partnership that gives Ascensia exclusive commercialization and distribution rights, starting in Europe. Based in Basel, Switzerland, Ascensia is a subsidiary of Tokyo’s PHC Holdings.
- Sava is developing a wearable glucose sensor that could expand to other biomarkers in the future. Sava hopes for the device to provide more options for people who use continuous glucose monitors in a market currently dominated by Abbott and Dexcom.
Dive Insight:
Sava plans to use the funds to scale up manufacturing and prepare to sell its first product.
The company is developing a continuous glucose sensor that, like other CGMs, measures glucose in the interstitial fluid just beneath the skin. However, Sava claims its microsensors are about 10 times shorter than the filament used in most devices today, reducing disruption to the skin.
The company plans to start a pivotal trial this year, with the goal of launching the device in Europe after receiving a CE mark in the next two years. Sava intends for its sensor to be approved for non-adjunctive use, meaning it could be used for insulin dosing decisions without routine fingersticks to confirm.
Ascensia plans to start distributing Sava’s sensor in Europe. Ascensia, which makes diabetes supplies including blood glucose meters, test strips and lancets, said it has made a strategic equity investment in Sava, and that its microsensor technology has potential in the long term for health monitoring beyond glucose.
Ascensia previously struck a distribution agreement with another CGM maker, Senseonics, whose sensors can be implanted for up to a year. Senseonics recently reached an agreement with Ascensia to bring its commercial operations, including sales and marketing, in-house.
About 12 million people use CGMs today, just a fraction of adults globally with diabetes, according to Sava.
“The market is growing, but with just two manufacturers leading it, demand is outpacing choice for distributors, clinicians and patients,” Sava said in a statement.
With the recent Series B round, Sava has raised a total of $68 million to date, the company said. Other investors included Balderton Capital, Norrsken VC, Simplyhealth Ventures, JamJar Investments and Pentland Ventures.
