Reeling in an $18 million add-on to the $37 million Series B that it reported last year, Bigfoot Biomedical touted today that it has raised over $90 million in total funding since the Milpitas, Calif.-based company first launched.
Investments from Abbott (NYSE:ABT), which has an established partnership with Bigfoot, and other new and existing investors, brought the Series B round total to $55 million. The company said it plans to use its newly-acquired funds to support the development and clinical evaluation of its closed-loop automated insulin delivery system, Bigfoot Loop, and its connected insulin pen-based decision support system, Bigfoot Inject.
“We are excited to welcome Abbott to our list of investors,” president & CEO Jeffrey Brewer said in prepared remarks. “Abbott’s inclusion in our financing speaks to our two companies’ alignment of vision for changing the paradigm of care for people with insulin-requiring diabetes.”