Oculir Raises $7.3 Million in Series A Financing
Top-tier investment syndicate led by Onset Ventures and CHL Medical Partners includes Canaan Partners, Three Arch Partners, Shepherd Ventures and Windamere Venture Partners
Cooley Godward LLP represented Oculir, Inc. in this transaction.
SAN DIEGO, CA – December 7, 2005 – Oculir, Inc., developing the first commercial non-invasive glucose testing system for people with diabetes, announced today that it has raised $7.3 million in a Series A preferred financing. This first round of venture capital investment was led by Onset Ventures and CHL Medical Partners. Other investors include Canaan Partners, Three Arch Partners, Shepherd Ventures and Windamere Venture Partners.
"Since its initial seed funding two years ago, Oculir has developed and demonstrated an innovative product concept that has the potential to provide significant benefits to the large population of people with diabetes. This type of innovation represents exactly what we seek for companies in our portfolio," commented Leslie Bottorff, General Partner with Onset Ventures.
"The founders of Oculir have combined the best wavelength region for measuring glucose, the Mid-IR, with a unique measurement site, the white of the eye, and protected it with a strong intellectual property position," noted Dr. Myles Greenberg, General Partner with CHL Medical Partners.
Joining Ms. Bottorff and Dr. Greenberg on the Oculir Board of Directors are Ms. Wende Hutton from Canaan Venture Partners, Scott Glenn of Windamere Venture Partners, Michael Walsh as Chairman and the company's founder, Dr. John Burd.
"Oculir is very pleased to have such strong financial backing to assure our continued rapid progress to bring our novel non-invasive glucose testing product to fruition. The funds from this financing will be used to continue the development of our commercial device and perform expanded human clinical trials. People with diabetes have been waiting for a true non-invasive glucose testing system for over 20 years, and we are eager to deliver such a system," stated Dr. John Burd, President & CEO.
People with diabetes cannot adequately control their blood sugars without proper treatment which may include diet and exercise, various oral medications and/or insulin injections. According to the American Diabetes Association, over 15 million individuals in the US have diabetes. Fortunately, if the disease is properly treated, individuals with diabetes can avoid the complications of diabetes which include blindness, kidney failure and increased risk of cardiovascular disease. Today, individuals with diabetes must prick their fingers to obtain a sample of blood for measuring their blood glucose levels.
Oculir, Inc. is a privately held, venture-backed medical device company based in San Diego, CA. Oculir was founded in 2003 with seed funding from its founders and Windamere Venture Partners to develop a non-invasive glucose testing system for people with diabetes. In addition to glucose, the testing platform being developed by Oculir has the potential to non-invasively measure a variety of important medical analytes.
For more information, contact John Burd, CEO, or visit the Company's website.