UK-based Sava Technologies raised $36 million in a Series B funding round led by Ascensia Diabetes Care, alongside a partnership agreement granting Ascensia exclusive rights to market and distribute Sava’s product in Europe. The round brings the company’s total funding raised to $68 million.
Sava Technologies, headquartered in London, raised $36 million in a Series B funding round led by Ascensia Diabetes Care, alongside a partnership agreement granting Ascensia exclusive rights to market and distribute Sava’s product in Europe. The round brings the company’s total funding raised to $68 million.
Sava is developing a wearable sensor for continuous glucose monitoring, with the platform potentially expandable in the future to measure other biomarkers. The move comes in a market currently dominated by Abbott and Dexcom, while the company believes that patients, physicians and distributors need additional options for continuous glucose monitoring devices.
What distinguishes Sava’s design?
Like other continuous glucose monitors, the sensor measures glucose levels in the interstitial fluid located directly beneath the skin. However, Sava says that the microneedles it uses are approximately ten times shorter than the filament found in most existing devices, which could reduce the extent of interference with the skin.
The product is still under development. Sava plans to begin a pivotal trial during this year, then aims to launch it in Europe after obtaining CE marking within the next two years. It also aims to obtain approval for the sensor’s non-adjunctive use, meaning that its readings could be relied upon to make insulin dosing decisions without routinely performing fingerstick tests for confirmation.
Ascensia’s role in market access
In addition to leading the funding round, Ascensia announced a strategic investment in Sava and will distribute the sensor in Europe. Ascensia, a Basel-based company owned by Japan’s PHC Holdings, produces blood glucose meters, test strips and lancets.
The agreement represents an expansion of Ascensia’s activities in continuous glucose monitoring devices. The company had previously entered into a distribution agreement with Senseonics, before recently reaching an agreement that would return its commercial operations, including sales and marketing, to Senseonics.
Why does this news matter?
The round gives Sava funding to expand manufacturing and prepare to sell its first products, but it does not mean that the sensor is commercially available or has received regulatory approval. The results of the pivotal trial and obtaining CE marking will remain crucial factors before assessing its actual ability to compete with existing products, particularly regarding measurement accuracy and use in insulin dosing decisions.
Sava says that approximately 12 million people currently use continuous glucose monitoring devices, a number that represents a limited proportion of adults with diabetes globally. The company believes that the limited number of leading manufacturers means demand exceeds the options available to distributors, physicians and patients.
Balderton Capital, Norrsken VC, Simplyhealth Ventures, JamJar Investments and Pentland Ventures also participated in the round.