HAGAR has secured $11.7m in Series B funding to advance its non-invasive blood glucose monitoring technology.
The company has developed GWave, which is claimed to be the world’s first non-invasive continuous glucose monitoring technology that uses RF waves for the measurement of glucose levels in the blood.
The latest financing round was led by a returning investor Columbia Pacific.
With the attainment of the latest financing, the firm’s total funding reached $17.1m. In March this year, the company secured $4.4m in a Series A funding round.
HAGAR will use the proceeds from the latest financing round for forthcoming trials of non-invasive blood glucose monitoring technology to secure approval from the Federal Drug Administration (FDA).
The funds will also be used by the company to complete international patents.
GWave First Generation, which is a third of the size of a smartphone, uses less radio frequency than a smartphone and efficiently identifies blood glucose levels.
GWave is also suitable for the measurement of glucose levels, which are elevated but not high enough for diagnosis.
GWave 2.0, which is currently under development, is a sensor that can be directly incorporated into a smartwatch.
It will be seamlessly connected to the GWave smartphone application to help users securing glucose readings on their phones and easily share them with their healthcare providers.
HAGAR stated that the GWave application already applies to GWave First Generation.
HAGAR CEO and co-founder General Guy Zur said: “Dr. Gerry Waintraub, our CTO and co-founder, recognized the ability of radio frequency (RF) technology to help manage one of the most significant chronic diseases in the world, and we saw the imperative of bringing it to market.
“With 8.3% of the U.S. population living with diabetes today, that number is projected to rise to 1 in 3 adults by 2050. Finding a way to monitor glucose levels in the blood – continuously, painlessly, and easily – is life-changing for those living with diabetes, and we are thrilled that our partners at Columbia Pacific are helping us in this journey.”
