Biolinq Raised $10M for a CGM Patch
San Diego, CA-based Biolinq hit an important milestone in the life of a startup—closing a $10 million series A financing. The digital health company is developing a platform technology using a wirelessly-enabled biosensor patch to continuously monitor multiple biomarkers.
The company's first product is designed to allow patients with diabetes to monitor their blood glucose levels without the pain and hassle of traditional continuous glucose monitoring (CGM) systems, which often involve frequent needle pricks.
M Ventures led the financing, in collaboration with Hikma Ventures. Grey Sky Venture Partners, Three Leaf Ventures, LifeSci Venture Partners, and a group of high-net-worth individuals specialized in the diabetes field are also contributing to the round.
“We are leading this round of investment with an excellent group of co-investors, all with the same goal of making the convenient and painless monitoring of multiple biomarkers a reality for patients in need,” said Edward Kliphuis, investment director of the new businesses fund at M Ventures. “As investors, we fully recognize the value of Biolinq’s skin-applied, minimally-invasive electrochemical biosensor platform technology.”
Kliphuis will join Biolinq's board of directors in connection with the financing, along with Lana Ghanem, managing director of Hikma Ventures.
Biolinq CEO Jared Tangney said the funding round will fuel the growth of the company's technology platform.
"Our first product is not just another CGM technology, but a platform we built from the ground up with a focus on the end user. Our vision is to utilize our novel manufacturing approach to achieve low-cost and high uniformity, enabling factory calibration (no finger sticks) in a nickel-sized patch. With our low cost-of-goods and ease-of-use, we plan to increase access to CGM and simplify diabetes management.”
Biolinq was founded in 2012 as Electrozyme LLC.