Biolinq Incorporated, a healthcare technology firm pioneering precision multi-analyte biosensors for enhancing metabolic health, has announced the completion of a $58 million financing round. Alpha Wave Ventures led the investment, with contributions from Niterra’s corporate venture capital fund in partnership with Pegasus Tech Ventures, along with existing investors such as RiverVest Venture Partners, AXA IM Alts, Global Health Investment Corporation, Aphelion Capital, Senvest Management, Features Capital, and Taisho Pharmaceutical. J.P. Morgan acted as Biolinq's placement agent for the financing.
The funds will facilitate the completion of a pivotal clinical trial in the U.S. this year to evaluate Biolinq’s proprietary intradermal glucose sensor, followed by FDA submission. Biolinq’s wearable patch, placed on the upper forearm, features an intuitive display indicating glucose levels within a target range or elevated beyond healthy levels. The device employs an array of tiny electrochemical sensors on a silicon chip for redundancy, reliability, and multi-analyte capabilities.
According to Rich Yang, CEO of Biolinq, their technology accesses the skin's metabolically active compartment without needles or bleeding, offering simple solutions to enhance metabolic health.
Rick Gerson, Chairman of Alpha Wave Global, emphasises Biolinq's interdisciplinary expertise in biosensor development, consumer electronics design, materials science, software engineering, and semiconductor manufacturing, positioning the company to revolutionise bio wearables.
Dan Bradbury, Chairman of Biolinq, highlights the potential for their technology to simplify continuous sensing and improve healthcare delivery. It's important to note that Biolinq’s intradermal glucose sensor is currently an investigational device pending FDA clearance or approval.
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