Beta Bionics has raised $57m in a Series C financing round to support the development and commercialisation of its  iLet Bionic Pancreas System.

The funding round was led by existing investors Soleus Capital, Perceptive Advisors, Farallon Capital Management, RTW Investments, and Eventide Asset Management.

It has also seen participation form existing investors ArrowMark Partners, LifeSci Venture Partners, and strategic partner Novo Nordisk, along with new investor Pura Vida Investments.

The clinical stage medical technology company is engaged in designing, development, and commercialisation of iLet Bionic Pancreas System.

It intends to use the funding to support the development, regulatory submission, and marketing of its iLet system, after securing FDA approval.

The Series C financing round adds to the company’s Series B and B-2 financings, closed in 2018 and 2019 respectively, that raised a total of around $126m.

Beta Bionics president and CEO Ed Damiano said: “We are very pleased to have completed our third round of institutional financing and are excited to welcome Pura Vida into our strong syndicate of investors,

“This financing will support the growth of our organization and further development of the iLet, as we continue to work toward our mission to bring autonomous insulin-delivery solutions to those living with type 1 diabetes.

“We are grateful for the continued support and vision of our investor syndicate and are delighted to be adding another well-respected investor to this esteemed group.”

The iLet is a pocket-sized, wearable medical device designed to autonomously dose insulin or glucagon, and is being used as an investigational device.

It leverages adaptive, self-learning, control algorithms, together with continuous glucose monitoring and pump technology, to facilitate autonomous dosing.

The device functions like a like an insulin pump, but requires only users’ body weight to initialise therapy without setting any insulin regimen parameters.

It prevents the users form counting carbohydrates, and setting insulin-to-carbohydrate ratios, insulin basal rates, correction factors, or delivering bolus insulin for meals or corrections.

Pura Vida Investments managing member Efrem Kamen said: “We are excited to play a role in helping Beta Bionics deliver patient-centric innovation to the type 1 diabetes community and reduce the cognitive and emotional impacts that type 1 diabetes has on this population.”

In December 2019, Beta Bionics has secured breakthrough device status from the US Food and Drug Administration (FDA) for its iLet bionic pancreas system.