San Diego digital health company Biolinq has closed a $10 million Series A financing round led by M Ventures in collaboration with Hikma Ventures, the corporate venture capital arms of Merck and Hikma Pharmaceuticals, respectively.
Biolinq, founded in 2012 as Electrozyme LLC, is developing biosensor patches that monitor wearers’ health.
The company said its first commercial product will allow patients with diabetes to monitor their blood glucose without having to take blood samples via finger pricks.
Grey Sky Venture Partners, Three Leaf Ventures, LifeSci Venture Partners and some high-net-worth individuals that specialize in the diabetes field participated in the financing round, Biolinq said.
“This funding round will fuel the growth of our technology platform,” Biolinq CEO Jared Tangney said. The company plans to develop additional biomonitoring products.
“We are leading this round of investment with an excellent group of co-investors, all with the same goal of making the convenient and painless monitoring of multiple biomarkers a reality for patients in need,” said Edward Kliphuis, an investment director at M Ventures. “As investors, we fully recognize the value of Biolinq’s skin-applied, minimally-invasive electrochemical biosensor platform technology.”
Kliphuis and Hikma Ventures’ Managing Director Lana Ghanem will join Biolinq’s board of directors.
Life science executive Dan Bradbury, the former CEO of diabetes drug manufacturer Amylin Pharmaceuticals, serves as Biolinq’s executive chairman. Amylin Pharmaceuticals, a San Diego company, was acquired by Bristol-Myers Squibb in 2012 in a multibillion dollar deal.