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Biolinq, a developer of wearable glucose monitoring devices for Type 2 diabetes, closed a $100 million Series C round led by Alpha Wave Ventures, CEO Rich Yang tells Axios exclusively.

Why it matters: The financing gives Biolinq a two-year runway to transition from development to commercialization as it awaits FDA approval.

What's next: Biolinq will consider another private round or test the public markets to fund manufacturing of its device, once approved, Yang says.

Yang, a Medtronic and Dexcom veteran, declined to comment on when he expects FDA clearance, for which the company submitted last year. 

Follow the money: Other Series C investors include RiverVest Venture Partners, AXA IM Alts, LifeSci Venture Partners, M Ventures, Hikma Ventures, Aphelion Capital and Taisho Pharmaceutical.

San Diego-based Biolinq has raised $265 million to date, and PitchBook values the company around $400 million.

The company employs more than 100 people and will use the funding to expand staff by up to 20%, Yang says.

How it works: Biolinq's wearable intradermal biosensor, powered by tiny electrochemical sensors, measures glucose levels continuously just beneath the skin's surface on the upper forearm.

The device, made using semiconductor chips, provides real-time feedback about glucose levels and is specifically designed for Type 2 diabetes patients not on insulin.

Yang says the device tested positively in a pivotal study last year.

The company is meanwhile working to diversify its supply chain to mitigate tariff exposure ahead of commercialization, he says. 

 The big picture: FDA approval of Biolinq's device would create a new category of fully autonomous biosensors, Yang says.

"What we like about Biolinq is that we believe that their [continuous glucose monitor] represents a significant advancement," adds Alpha Wave Global managing director Chris Dimitropoulos.

Abbott Laboratories, Dexcom and Medtronic are among leaders in the glucose monitoring device market.

But Biolinq says its device would be the first intradermal and autonomous glucose sensor that incorporates activity and sleep information into a single wearable device for people with Type 2 diabetes not on insulin.

Friction point: Staffing cuts and departures at the FDA under the Trump administration threaten to slow the approval process for Biolinq's device.

"Everybody is concerned, and rightfully so," Yang says.

Yes, but: Yang is betting diabetes is among chronic diseases the administration wants to address under its wide-ranging Make America Healthy Again agenda.

Exclusive: Biolinq raises $100M Series C for glucose monitoring device

The San Diego company is developing wearable glucose monitors.

Biolinq's wearable glucose monitoring device

Biolinq is developing a wearable glucose monitoring device. Photo: Biolinq

Biolinq, a developer of wearable glucose monitoring devices for Type 2 diabetes, closed a $100 million Series C round led by Alpha Wave Ventures, CEO Rich Yang tells Axios exclusively.Why it matters: The financing gives Biolinq a two-year runway to transition from development to commercialization as it awaits FDA approval.

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Exclusive: Biolinq raises $100M Series C for glucose monitoring device

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