Movano raises $10 million for its continuous glucose monitoring technology
Pleasanton, CA-based healthtech company Movano has raised $10 million in a bridge round led by Tri-Valley Ventures. With $27 million in total funding since its inception in 2018, the company is developing its first product – a wearable, non-invasive continuous glucose monitor (CGM) powered by Radio Frequency (RF) technology.
“There’s a considerable disconnect between the demand for an inconspicuous and inexpensive glucose measurement solution and what’s on the market. Today, people with diabetes have two options to get a glucose reading – either prick their finger daily or wear an expensive, disposable patch. We plan to bridge this gap, so that measuring your glucose becomes as simple as glancing at your wrist, whether you’re a person with diabetes, pre-diabetes or a part of the greater wellness community. We’re going to break down the current cost, usability and accessibility barriers with CGMs so that anyone can manage their glucose levels with confidence and in a way that best suits their lifestyle.” – Michael Leabman, founder and CEO of Movano.
Movano’s approach to glucose monitoring is centered around its patent-pending RF solution, which can be embedded in a wearable and connected to apps and the cloud. The combination of custom-built, miniature, and highly flexible sensors, smart antennas and proprietary machine learning algorithms will form a glucose monitoring system that is more affordable and smaller in size than competing CGMs.
“What makes a digital health tool effective is its ability to keep consumers engaged without disrupting their normal routine and a design that makes the wearer feel like a person, not a patient. What resonated with us about Movano is its consumer-centric approach to glucose management. Its non-invasive solution, which can be included in wearable devices, enables users to get a continuous reading no matter where they are. With the potential to improve the quality of life for so many people dealing with serious health conditions related to diabetes, we see a bright future for Movano and its technology.” – Greg Hitchan, Managing Partner of Tri-Valley Ventures.