Biosensor company Allez Health has raised $60m in Series A+ financing to advance its continuous glucose monitoring (CGM) technology.
The US-based company, previously known as Zense-Life, says it aims to disrupt cost barriers to CGMs while enhancing performance and the experience of patients using the device.
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Allez CEO and co-founder Leif Bowman said: “We aim to bring to market a sensor that combines access, affordability, and reliable performance because when it comes to an individual’s health, no one should have to choose between price and performance.”
The funding was led by Korean in-vitro diagnostics company Osang Healthcare and will be used to spur growth towards pivotal trials, support regulatory approval filing, and scale manufacturing operations.
In March 2024, Osang Healthcare debuted on the Kosdaq market. The company announced it witnessed “overwhelming demand” in its public share subscription, boasting a competition ratio of 2,126 to one among retail investors and 993 to one among institutions, with a subscription deposit of 5.26tn won ($39.3bn).
At the helm of Allez are several CGM device veterans. Chief medical officer Robert Boock served as one of the inventors of the DexCom G4 CGM while chief science officer Ted Zhang helped develop biosensor membranes at Dexcom.
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By GlobalDataCGM is a category of diabetes management that has seen a wave of technological advancement over the past decade. The wearable devices use a sensor under the skin to measure glucose levels in real time and transmit information to a linked handset or mobile phone. Research estimates that CGMs can cost anywhere between $2,500 to $6,000 per year for a patient.
Despite costs, the uptake of CGMs is increasing as a wider variety of devices are approved. A market model by GlobalData illuminates the fruitful future of CGMs, estimating that by 2030, the global CGM market will be worth just over $2bn, up from $600m in 2015.
Allez will be going up against a market dominated by big medtech players. GlobalData analysis places Medtronic, Abbott, and Dexcom as market leaders in the global CGM and insulin pen market.
Also disrupting the glucose monitoring space is Biolinq with its wearable, non-invasive glucose sensor patch. The company raised $58m last month, adding to $100m raised in a Series B round in 2021.
