US-based medical device company Biolinq has received $58m in a financing round led by Alpha Wave Ventures, to advance the development of its wearable glucose biosensor technology.

The funding round has seen participation from Niterra’s corporate venture capital fund jointly operated with Pegasus Tech Ventures, along with existing investors.

Existing investors include RiverVest Venture Partners, AXA IM Alts, Global Health Investment, Aphelion Capital, Senvest Management, Features Capital, and Taisho Pharmaceutical.

Biolinq intends to use the funding to complete its US clinical trial that evaluates the company’s unique intradermal glucose sensor patch, and its subsequent FDA submission.

Biolinq CEO Rich Yang said: “Our technology approach enables access to a coveted, metabolically active compartment of the skin for biosensing without the use of introducer needles or bleeding.

“Over the past decade, our team has been pioneering a new biosensor platform designed to inform and inspire, with a mission to reach more people that are in need of simple solutions to improve metabolic health.”

Biolinq’s wearable patch, placed on the upper forearm, uses an array of tiny electrochemical sensors to measure glucose levels from the intradermal space just beneath the skin.

The wearable patch incorporates an intuitive display that informs users when glucose levels are within a target range and when glucose levels are elevated beyond a healthy range.

It combines glucose information with measurements of relative levels of activity in a single device, and enables multi-analyte capabilities, said the medical device maker.

Biolinq chairman Dan Bradbury said: “Biolinq’s technology enables a new era for self-monitoring, with a product platform designed to make continuous sensing simple and more accessible.

Alpha Wave Global chairman Rick Gerson said: “Companies that disrupt entire industries often don’t originate from a single discipline.

“Biolinq has attracted leading experts in biosensor development, consumer electronics design, proprietary materials science, software engineering and semiconductor manufacturing to build a new category of bio-wearables.”

In November 2021, Biolinq secured $100m in a Series B financing round to support the development of its micro-array of biosensors designed for continuous glucose monitoring.