Bigfoot Biomedical®, a Milpitas, CA emerging company, recently announced that it has secured new financing of up to $57 million in combined debt and equity financing from Madryn Asset Management LP, an alternative asset management firm that invests in innovative healthcare companies specializing in unique and transformative products, technologies, and services.
Founded in 2014, Bigfoot focused on broadening access to innovative solutions for people with type 1 and type 2 diabetes. Bigfoot Biomedical is currently expecting FDA clearance of its Bigfoot Unity™ Diabetes Management System, a smart pen cap designed to optimize and simplify the dosing and delivery of insulin using machine learning.
The startup has raised a total of $204.6 million in funding over six rounds and had a post-money valuation in the range of $100 million to $500 million as of Jun 4, 2020. Bigfoot Biomedical® plans to launch its smart insulin pen product later this year.
With respect to the deal, Jeffrey Brewer, CEO of Bigfoot stated, “[a]s our company prepares for commercialization of the Bigfoot Unity™ System, we are pleased to partner with Madryn, a firm with demonstrated success identifying transformative technologies within the healthcare industry.” “Their investment will enable us to scale our commercial efforts with greater speed and geographic reach. Bigfoot’s deep and respected investor base reflects a strong validation of our commitment to developing breakthrough solutions in diabetes care.”