Sava Technologies, a London-based health technology company, has raised $36 million (£27m) in Series B funding. The round was led by Ascensia, a subsidiary of PHC Holdings Corporation, which will also serve as Sava’s commercialisation and distribution partner in Europe.
The funding brings Sava’s total funding to $68m and will be used to scale manufacturing and bring its first product to market. Sava has developed a wearable device built on its proprietary microsensor technology, which measures molecules just beneath the skin, painlessly and continuously.
There is a significant market opportunity for Sava’s product. The International Diabetes Federation reports that around 589m adults are living with diabetes, a number expected to reach 853m by 2050. Currently, around 12m people use continuous glucose monitoring, but the market is growing, and demand is outpacing choice for distributors, clinicians, and patients.
Sava’s first product is designed to close this gap, with microsensors that are around 10 times shorter than the filament in traditional continuous glucose monitors. This reduces disruption to the skin while still reaching interstitial fluid.
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Ascensia, a member of PHC Group, has a strong global footprint, with products sold in more than 90 countries. Its partnership with Sava will provide the foundations to take Sava’s technology to market, with Ascensia leading the commercial launch in Europe, subject to CE approval.
Peter Bodlund, CEO of Ascensia, commented: “Microsensor technology has the potential to transform the day-to-day monitoring experience for people with diabetes. By bringing together Sava’s innovative technology with Ascensia’s deep diabetes expertise, we have an exciting opportunity to address important unmet needs in diabetes care.”
Renato Circi, co-founder and co-CEO of Sava, added: “For decades, continuous monitoring has been held back by the same legacy technology. This is about to change. We’re thrilled to be partnering with Ascensia, a global powerhouse in the space, to deliver, as a first step, something radically better to millions of people with diabetes.”
Sava is planning a clinical study this year and is targeting CE approval for non-adjunctive use, which would allow the device to be used to make insulin dosing decisions without routine fingerstick confirmation.
