US-based medical device company Luna Health has completed a Series A funding round, raising $23.6m to propel the advancement of the Luna insulin patch pump.
This financing round was spearheaded by Vensana Capital and saw contributions from the Swiss Diabetes Venture Fund, Winklevoss Capital and Ascensia Diabetes Care, among other investors, with a focus on diabetes technology.
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The funds from this round will be allocated towards a variety of key initiatives. These include progressing regulatory submissions, executing clinical studies, enhancing manufacturing capabilities, and broadening clinical and market access programmes.
The pump works in tandem with the company’s fully closed-loop insulin dosing algorithm.
This technology is designed to cater to the needs of individuals with type 1 diabetes (T1D) and type 2 diabetes (T2D) who currently depend on insulin pens for their treatment.
Luna has highlighted that its cost-effective and integrated continuous glucose monitoring system (iCGM)-compatible patch pump is engineered to administer automated doses of quick-acting insulin while sleeping.
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By GlobalDataThis is a critical period, as more than 80% of glucose improvement from general automated insulin delivery based on the pump is observed during these hours, according to the company.
The device aims to facilitate this process without necessitating full-time pump therapy for diabetes patients.
The company’s strategy is to target the most impactful areas for glucose control automation, thereby simplifying the technology, reducing costs, and eliminating barriers to adoption.
Luna’s approach is expected to make automated insulin delivery systems accessible to people around the globe who are either reluctant or unable to use a traditional pump continuously.
Luna Health CFO and co-founder Jon Brilliant said: “We are incredibly excited and fortunate to partner with Vensana Capital to accelerate bringing to market our products that solve the single largest problem in all of diabetes – nighttime glucose control for pen users.
“Vensana’s track record and leadership in the medical device ecosystem further bolsters the world-class team of employees and advisors that we have assembled to tackle this problem.”
