Beta Bionics, a startup that uses machine learning and artificial intelligence to develop the world’s first autonomous bionic pancreas, completed a $50 million Series B equity financing round led by Eventide Asset Management, LLC the advisor to Eventide Mutual Funds.
The company has developed what it calls an iLet Bionic Pancreas System, which is currently in home-use clinical trials in adults and children with Type 1 diabetes (T1D). The iLet technology is made of a dual-chamber, autonomous, infusion system that mimics a biological pancreas.
The system is embedded with clinically-tested mathematical dosing algorithms that autonomously calculate and dose insulin and/or glucagon as needed, based on data from a continuous glucose monitor.
The company was founded as a for-profit Massachusetts public benefit corporation in 2015.
“From the outset the Damiano Lab, and now Beta Bionics, have been committed to demonstrating meaningful clinical-outcomes data through rigorous clinical trials in collaboration with Dr. Steven Russell of the Massachusetts General Hospital and Harvard Medical School, Dr. Bruce Buckingham of Stanford University, and other clinical investigators,” said Ed Damiano, founder and CEO of Beta Bionics in a statement.
