Beta Bionics, a startup that uses machine learning and artificial intelligence to develop the world’s first autonomous bionic pancreas, closed its Series B and B2 rounds of funding, bringing the company's total capital to $137 million.
The round was co-led by Perceptive Advisors and Soleus Capital with participation from Farallon Capital, RTW Investments and ArrowMark Partners. The capital infusion will gear the company up to a commercial launch of the iLet Bionic Pancreas System.
Founded by Boston University biomedical engineer Ed Damiano, Beta Bionics has developed an iLet Bionic Pancreas System, which is currently in a clinical trial phase at the Massachusetts General Hospital.
It works like this: 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.
What started as a personal journey 20 years ago when his son was diagnosed with type 1 diabetes is today a for-profit Massachusetts public benefit corporation.
Beta Bionics has a presence in an incubator lab at the Photonics Center at BU as well as a 15,000-square-foot manufacturing facility in Irvine, CA. This fall, the company will open an office this fall in Concord.
