Arlington, Va.-based Sands Capital and Boston-based Omega Funds have co-led a $100 million Series D funding round for Beta Bionics, which has developed a wearable device to manage diabetes.
Also participating in the round was new investor Marshall Wace, and prior investors Soleus Capital, Eventide Asset Management, Farallon Capital, Perceptive Advisors, certain funds managed by RTW Investments, ArrowMark Partners, and Pura Vida Investments.
So far, the eight-year-old Boston startup has raised $291.5 million from investors including drug majors Eli Lilly and Novo Nordisk, besides a $2 million grant from the National Institute of Diabetes and Digestive and Kidney Diseases. Beta Bionics is a Certified B corporation.
Automated Insulin Delivery
“We’re excited to support the Beta Bionics team as they work to launch and develop breakthrough technologies that help reduce the burden of diabetes,” said Parker Cassidy, a partner at Sands Capital Ventures.
Beta Bionics was co-founded by Ed Damiano, a professor of Biomedical Engineering at Boston University since 2004. He started the company after his son developed type 1 diabetes at 11 months of age. The startup has designed and developed a device called iLet Bionic Pancreas, which helps diabetes patients manage autonomous insulin delivery. Based on a person’s weight, the device automatically sets the right dosages, mimicking the body’s natural glycemic controls, and monitors glucose levels. iLet comes in two versions — single hormone and bi-hormonal configurations — and has received FDA 510(k) clearance to be sold in the country.
“This significant investment represents a powerful vote of confidence in Beta Bionics’ mission to redefine diabetes management with user-centric technologies,” said CEO Sean Saint, who was in 2011 diagnosed with Type I diabetes.
“We are eager to push the boundaries of what’s possible by expanding access to the iLet Bionic Pancreas nationwide and further develop and test the bi-hormonal bionic pancreas,” added Saint, who took the helm just over a year ago. Saint is the founder of two other diabetes-related startups — Luna Diabetes, based in San Diego, Calif., and Companion Medical, which was acquired by Medtronic.
Sands Capital
Founded in 1992, Sands Capital has raised a total of $2.1 billion from eight funds. The firm has made over 150 portfolio investments and more than 30 exits. Its most recent fund was Sands Capital Life Sciences Pulse Fund II, which raised $560 million in 2021. Close of the fund raised the firm’s so-called Pulse Strategy assets under management to more than $950 million, including Sands Capital Life Sciences Pulse Fund, L.P. and related vehicles.
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Sands Capital’s most recent investments include Ramp, OneTrust and Luminoah. Its most notable exits include DoorDash, Funding Circle and Anaplan.
The staff-owned firm runs an integrated investment platform spanning venture capital, growth equity and public equity. As of March 31, it managed more than $66.7 billion in client assets. Besides its headquarters in the Washington, D.C. area, it has offices in London and Singapore.
Omega Funds
Omega Funds, headquartered in Camrbidge, Mass., has raised $1.7 billion from six funds. It has made over 100 portfolio investments and exited over 50. Its most recent investments include ARTBIO, Upstream Bio, Bicara Therapeutics, Chroma Medicine, SoniVie and NRG Therapeutics.
