Medella Health raises $1.4 million for CGM contact lens

Article Via MassDevice – Start-up Medella Health said last week it raised $1.4 million to fund its in-development smart contact lens designed to continuously monitor glucose levels and transmit glucose data to a mobile device.

The Canadian start-up, launched out of the Velocity Garage incubator, pulled in funds from the 1517 Fund, Fifty Years Fund, Garage Capital, BDC Capital and other investors.

The lens in development operates through the integration of a small sensor, chip and micro-antenna embedded into the lens, which is designed to last up to a month, Medella Health said. The company touts the long lifespan as being unique to the product, and allowing for simpler calibration and reduced cost.

“There’s never been a better time to do this – our healthcare system is ripe for disruption, where the industry leaders and key opinion leaders are advocating to shift from a reactive model of care to a preventative model of care,” CEO Harry Gandhi said in a press release.

Medella Health plans to use funds raised in the round to scale their technology and partner with micro-fabrication companies, contact lens manufacturers and healthcare providers.

“I’ve seen the Medella Health team grow since their early days in the labs – not only do they have the rigor and resilience to solve the hard problems facing this industry, but they weave together the balance between visionary purpose and practical implementation,” Dr. Lyndon Jones of the Center for Contact Lens Research said in prepared remarks.

Posted by admin on June 8, 2016

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