Bionic Pancreas for Type 1 Diabetes Raises $63m

Beta Bionics is a for-profit medical technology company that approached Occam Technology Group for help in developing their product. This company was founded in 2015 to produce iLet, the world’s first bionic pancreas using mathematical dosing algorithms to control glycemia. Algorithms were developed at Boston University and the engineering of motor controls were designed at Occam Technology Group, along with prototype test devices. Occam Technology Group is pleased to have helped Beta Bionics develop this device by creating code validation support and prepare for in-home trials. These developments helped the iLet pass regulatory requirements and has led to funding from investors. This device has been used on adults and children for in-home usage, which has shown remarkable improvements in glycemic levels. iLet provides patients with three medical devices in one pocket sized device. It can be used for an insulin-only pancreas, a glucagon-only pancreas, or a dual-hormone pancreas. A patients weight is the only information needed to activate the device. Beta Bionics has recently announced it’s Series B financing agreement for a total of $63 million. They have acquired new investors over the past year that have recognized their efforts in developing and improving their iLeta System. Investors such as RTW and Eventide Asset Management, LLC previously announced investment to Beta Bionics innovations and decided to add to their investment in August 2018 when they finally closed the deal. A new investor, Dexcom, was added to the round after showing great enthusiasm toward Beta Bionics and wanted to advance their mission toward bringing this fully autonomous bionic pancreas to the market. With these funds, Beta Bionics plans to continue their product development and establish iLet phase 3 clinical trials. Occam Technology Group is pleased to have worked with such an amazing company that focuses on transforming patients lives across the world.

 

About Occam Technology Group

Occam Technology Group is an ISO-certified multidisciplinary engineering firm that creates next generation products through software/hardware design, verification and validation, quality, prototyping, and simulation. These services assist clients and stakeholders in creating innovations for a better tomorrow.

For more information about Beta Bionics and their product development, visit Beta Bionics and Globe News Wire.