Abbott is taking its partnership with a diabetes care start-up one step further.
The health-care company hsa invested an undisclosed amount in Bigfoot Biomedical, a start-up creating diabetes care devices and systems. Bigfoot said Wednesday it has raised $55 million in Series B financing, bringing its total funding to $90 million.
The funds will help Bigfoot build a diabetes platform that will offer everything but the insulin, said CEO Jeffrey Brewer. Bigfoot plans to develop insulin pens, pumps and glucose monitors and connect them with smartphone technology. It also plans to prescribe them together and have them reimbursed as a monthly fee.
Abbott and Bigfoot previously agreed to integrate Abbott's new continuous glucose monitor, FreeStyle Libre, with Bigfoot's insulin delivery systems. Both companies want to automate what can be a challenging, time-consuming and dangerous process.
Abbott's FreeStyle Libre measures people's blood sugar automatically every 15 minutes for up to 10 days. Unlike most devices on the market, Libre doesn't require patients to prick their fingers and draw blood to keep it accurate.