EvoNexus Graduate, Biolinq Raises $58 Million to Advance Wearable Biosensors Through Pivotal Trial for Metabolic Health Using Precision Microsensor Technology

EvoNexus Graduate, Biolinq Raises $58 Million to Advance Wearable Biosensors Through Pivotal Trial for Metabolic Health Using Precision Microsensor Technology

  • Biosensor platform leverages silicon semiconductor manufacturing for scale.
  • Technology designed to provide a better view of metabolic health by combining glucose information with context around activities of daily living in one device.
  • $58 million in funding led by Alpha Wave Ventures.

Biolinq sensors on a silicon wafer (Photo: Business Wire)

“The Biolinq founders were referred to EvoNexus from their PhD advisor at University of California, San Diego,” said Rory Moore, EvoNexus Co-Founder & CEO. “While in their PhD program, they worked on a new micro-needle approach to provide chemical measurements from interstitial fluid beneath the skin. They believed the use cases for this assay was broad and that they needed EvoNexus help to achieve proof of concept and potential commercialization. The startup was admitted to EvoNexus, and for the next several years, continued to work on their MVP and understanding applications for their new micro-needle array. Ultimately, diabetes became their target application, and in particular, continuous glucose monitoring that would become a patch worn by consumers. Throughout their journey, EvoNexus has been an important resource for this young company — and that continues to this day.”

Biolinq glucose sensor (Photo: Business Wire)

BUSINESS WIRE / APRIL 4TH, 2024 / Biolinq Incorporated, a healthcare technology company pioneering precision multi-analyte biosensors to improve metabolic health, today announced the completion of $58 million in financing led by Alpha Wave Ventures, with participation from Niterra’s corporate venture capital fund jointly operated with Pegasus Tech Ventures and existing investors RiverVest Venture Partners, AXA IM Alts, Global Health Investment Corporation, Aphelion Capital, Senvest Management, Features Capital, and Taisho Pharmaceutical. J.P. Morgan served as placement agent to Biolinq in connection with the financing.

The financing will support completion of a U.S. pivotal clinical trial this year, evaluating Biolinq’s proprietary intradermal glucose sensor, and subsequent FDA submission. Designed for simplicity, Biolinq’s wearable patch uses an array of tiny electrochemical sensors to measure glucose levels from the intradermal space just beneath the surface of the skin, combining glucose information with relative levels of activity in one device.

“Our technology approach enables access to a coveted, metabolically active compartment of the skin for biosensing without the use of introducer needles or bleeding,” said Rich Yang, CEO, Biolinq. “Over the past decade, our team has been pioneering a new biosensor platform designed to inform and inspire, with a mission to reach more people that are in need of simple solutions to improve metabolic health.”

Biolinq’s wearable patch, placed on the upper forearm with a clear line of sight, incorporates an intuitive display on the device that informs users when glucose levels are within a target range and when glucose levels are elevated beyond a healthy range. Biolinq’s array of sensors on a silicon chip are designed for redundancy, reliability and multi-analyte capabilities.

“Companies that disrupt entire industries often don’t originate from a single discipline,” said Rick Gerson, Chairman of Alpha Wave Global. “Biolinq has attracted leading experts in biosensor development, consumer electronics design, proprietary materials science, software engineering and semiconductor manufacturing to build a new category of biowearables. Biolinq is well-positioned to enter the market with a differentiated solution for people living with diabetes.”

“Biolinq’s technology enables a new era for self-monitoring, with a product platform designed to make continuous sensing simple and more accessible,” said Dan Bradbury, Chairman, Biolinq. “We have a meaningful opportunity to transform care delivery and enable healthier living by opening up a new frontier in continuous sensing.”

Biolinq’s intradermal glucose sensor is an investigational device that is not yet cleared or approved by the FDA or any other regulatory authority.

SOURCE:Kimberly Ha, KKH Advisors via Business Wire

About Biolinq

Biolinq is a healthcare technology company pioneering precision multi-analyte wearable sensors to improve metabolic health. The company’s biosensor platform is designed to inform and inspire with unparalleled simplicity to support healthier living. With microsensors that reside just below the skin’s surface, Biolinq is redefining the future of continuous small molecule biosensing. The company is headquartered in San Diego, CA. For more information, please visit www.biolinq.com.

About Alpha Wave

Alpha Wave is a global investment company with three main verticals: private equity, private credit, and public markets. It is led by Rick Gerson, Navroz Udwadia, and Ryan Khoury. Its flagship global private equity fund, Alpha Wave Ventures, aims to invest in best-in-class growth-stage companies and endeavors to be helpful long-term partners to the founders and management teams.

Alpha Wave has offices in New York, Miami, London, Monaco, Madrid, Abu Dhabi, Tel Aviv, Bangalore, and Sydney. For more information, please visit www.alphawaveglobal.com.

About EvoNexus

EvoNexus is California’s leading nonprofit technology startup incubator located in San Diego. EvoNexus has successfully incubated over 260 startups with a survival rate of over 85%. Since the incubator’s formation in 2010, EvoNexus companies have secured over $1.6B in venture funding, $10B in pre-exit valuation, and had 51 acquisitions valued at over $2.1B. EvoNexus is supported by corporate partners, including some of the largest multinational corporations in the world. Learn more at evonexus.org.