Luna Diabetes closed a $23.6 million Series A financing round to support its insulin delivery technology. Vensana Capital led the financing round for the San Diego-based company. The Swiss Diabetes Venture Fund, Ascensia Diabetes Care, Winklevoss Capital and other prominent investors also participated.
Funding supports the development of Luna, the company’s automated insulin delivery patch pump system. The company touts Luna as the world’s smallest insulin patch pump, pairing with its fully closed-loop insulin dosing algorithm. Luna Diabetes targets “the vast majority of people” with type 1 and type 2 diabetes who rely on insulin pens.
Related: Onward wins FDA IDE for ARC-IM spinal cord stimulation system
The first-in-class, low-profile, integrated continuous glucose monitor (iCGM)-compatible, low-cost patch pump delivers automated doses of rapid-acting insulin during sleep. According to Luna Diabetes, this takes place when more than 80% of the glucose improvement from traditional pump-based automated insulin delivery happens. The pump means people with diabetes don’t have to make the leap to full-time pump therapy.
Luna Diabetes says it focuses on where automation has the greatest impact on glucose control. It aims to drastically reduce complexity, lower costs and reduce barriers to adoption. This could make automated insulin delivery accessible to those either unwilling or unable to wear a traditional pump all the time.
The company plans to use the funding to advance regulatory submissions, conduct clinical studies, build manufacturing capacity and expand clinical and market access programs. It already launched its pivotal trial for Luna last fall.
“We’re not just building another medical device—we’re squarely focusing on the millions of people living with diabetes underserved by existing solutions,” CEO John Sjölund said on LinkedIn. “This funding accelerates our regulatory submissions, clinical studies, and manufacturing capacity to reach millions.
