GraphWear, a needle-free continuous glucose monitoring wearable platform, raised $20.5 million in a Series B funding round.
Mayfield led the round with participation from MissionBio Capital, Builders VC, and VSC Ventures.
GraphWear makes a wearable sensor that measures molecules like glucose on the skin’s surface using nanotechnology and provides a read of glucose levels without drawing blood.
The readings, which the company says can come from as few as 100 to 200 molecules, are then sent to a connected mobile app, where users can track their glucose over time and receive real-time alerts if they hit specified levels.
According to the company, the wearable sensor technically measures the amount of glucose in the interstitial fluid among the wearer’s cells rather than in the blood itself. Studies have found that the two values correlate to one another, though not interchangeable, according to the American Diabetes Association.
The sensor can be embedded into either a smartwatch-like wearable device strapped to the wrist or an adhesive patch attached to the torso.
“With GraphWear, we’ve sought to design a non-invasive solution, with low power requirements and a small form factor that opens up the potential for monitoring health on a global scale,” president and cofounder Rajatesh Gudibande said in a statement.
“Through our partnership with world-class investors like Mayfield, we’re entering a new phase of development to support patient lives and reinvent the way we understand and monitor health overall.”
Including the latest round, the company has raised $25 million to date. The company plans to use the latest funds to accelerate the development and scale of the platform for targets across diabetes, heart disease, and cancer detection and grow its team, with plans to recruit across all areas of its business.
GraphWear is currently in clinical trials for its first target, monitoring glucose levels for diabetes, the company said. Beyond diabetes, the platform can monitor cholesterol levels for heart disease or even detect biomarkers for cancer.
Digital Health Wearables companies raised $675 million in venture capital in the first half of 2021, compared to $321 million in 1H 2020, a 110% increase year-over-year (YoY), according to the latest Mercom Digital Health Funding and M&A Report.