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Allez Health raises $60 million for diabetes sensor technology

Posted on by darion

Osang Healthcare debuted on the Kosdaq market in March 2024. Photo: Shutterstock/Olga S L.

Biosensor Allez Health has raised $60 million in Series A+ financing to advance its continuous glucose monitoring (CGM) technology.

The US company, formerly known as Zense-Life, says it aims to break down the cost barriers facing CGMs while increasing efficiency and comfort for patients using the device.

Allez CEO and co-founder Leif Bowman said: “We want to bring to market a sensor that combines availability, affordability and reliable performance because no one should have to choose between price and performance when it comes to individual health.”

The funding was provided by Korean in vitro diagnostics company Osang Healthcare and will be used to drive development towards pivotal research, support regulatory approval applications and scale-up manufacturing operations.

In March 2024, Osang Healthcare debuted on the Kosdaq market. The company announced that it had experienced “overwhelming demand” for its public share subscriptions, boasting a competitive ratio of 2,126 to one among retail investors and 993 to one among institutions, with a subscription deposit of 5.26 trillion won (39. USD 3 billion).

Allez is led by several CGM veterans. Chief Medical Officer Robert Boock was one of the inventors of the DexCom G4 CGM, and Chief Science Officer Ted Zhang helped develop biosensor membranes at Dexcom.

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CGM is a category of diabetes treatment that has seen rapid technological advances over the past decade. The wearables use a sensor under the skin to measure glucose levels in real time and transmit the information to a connected headset or mobile phone. Studies estimate that CGMs can cost a patient between $2,500 and $6,000 per year.

Despite the costs, CGM use is increasing as more devices are approved. GlobalData’s market model sheds light on CGM’s fruitful future, estimating that the global CGM market will be worth just over $2 billion by 2030, up from $600 million in 2015.

Allez will face a market dominated by large players in the medical technology industry. GlobalData analysis ranks Medtronic, Abbott and Dexcom as leaders in the global CGM and insulin pen market.

Biolinq is also disrupting the glucose monitoring space with its non-invasive wearable glucose sensor patch. Last month, the company raised $58 million, adding to the $100 million raised in its 2021 Series B round.