Sava Technologies, a London-based health technology company behind a next-generation glucose microsensor, has raised $36 million (£27m).
The Series B funding was secured alongside an agreement appointing Ascensia, a subsidiary of PHC Holdings Corporation, as its commercialisation and distribution partner, initially in Europe.
The round brings Sava’s total funding to $68m. The round was led by Ascensia, with participation from institutional investors Balderton Capital, Norrsken VC, Simplyhealth Ventures, JamJar Investments, Pentland Ventures and others.
Founded in 2019, Sava has developed a wearable built on its proprietary microsensor technology, which measures molecules just beneath the skin, painlessly and continuously. While starting with glucose, the platform is designed to track other biomarkers too, opening the door to continuous sensing well beyond diabetes.
Sava says it now has the capital to scale manufacturing and the infrastructure to bring its first product to market.
Around 12m people use continuous glucose monitoring today, against 589m adults living with diabetes, a number set to reach 853m by 2050 according to the International Diabetes Federation. The market is growing, but with just two manufacturers leading it, demand is outpacing choice for distributors, clinicians and patients.
Sava’s first product is designed to close that gap. It says its microsensors are around 10 times shorter than the filament in traditional continuous glucose monitors, which reduces disruption to the skin while still reaching interstitial fluid.
On the back of major technical breakthroughs, Sava is now turning its focus to commercialisation – and has partnered with one of the most established names in diabetes care to get there at scale.
A member of PHC Group and home to the CONTOUR portfolio of blood glucose monitoring systems, Ascensia’s products are sold in more than 90 countries, with direct commercial organisations in 29 markets. Its strong global footprint, deep market knowledge and established relationships with clinicians and payers give Sava the foundations to take its technology to market.
Sava is planning a pivotal clinical study this year and is targeting CE approval for non-adjunctive use. This means the device could be used to make insulin dosing decisions without routine fingerstick confirmation – the standard required for a CGM to replace, rather than supplement, blood glucose testing. Subject to CE approval, Ascensia will lead commercial launch, starting in Europe.
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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, strong reputation and commercial capabilities, we have an exciting opportunity to address important unmet needs in diabetes care.
“This is an exciting step for Ascensia as we continue to broaden our portfolio and pursue our ambition to simplify and improve life for people with diabetes.
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.”