Movano, a maker smartwatch-like wearable that uses radiofrequency technology to measure blood glucose, raised an additional $2.5 million in Series A funding round.
The wearable comes with a companion app that will give the users real-time visibility into personal glucose data, including trending lines and time-in-range information.
According to the company, the latest funds will further the development of its wearable non-invasive continuous glucose monitor. The funds will also be used to expand both internal and external testing efforts and accelerate the process of miniaturizing the company’s technology into a single chip that can fit inside a wearable.
“Covid-19 is shining a spotlight on how devastating chronic disease can really be, illuminating a critical need for technology, like CGMs, that can manage and prevent chronic diseases,” said Michael Leabman, founder, and CEO of Movano. “People with chronic conditions such as diabetes want to set, measure and achieve health objectives without it coming at a cost to their health, wallet or lifestyle. By developing a more affordable and non-invasive solution that provides painless real-time glucose readings at the glance of a wrist, our wearable is expected to represent a new intersection of healthcare and technology that positions the patient at the center of managing their own health.”
Founded in 2018, Movano has raised nearly $30 million to date. The Series A round was first closed in July at $10 million – the additional funds bring the round to $12.5 million.
Wearable Sensors companies raised $321 million in the first half of 2020. Indigo Diabetes, a developer of continuous glucose monitoring sensor and corresponding app, announced a €38 million ($44.6 million) Series B funding round. DarioHealth, the developer of an app-connected blood glucose monitoring system, closed a $28.6 million financing round. Diabeloop, the developer of a connected type 1 diabetes management system, raised €31 million ($34 million) in Series B funding.
Image Credit: Movano