London-based HealthTech company Sava Technologies has raised €32.08 million ($36 million) in a Series B funding round. The company is developing wearable biosensor technology that can detect molecules just beneath the skin.
The company will use the new funding to increase its manufacturing capacity and prepare its technology for wider commercial use.
The funding round was led by Ascensia, with participation from existing and other institutional investors, including Balderton Capital, Norrsken VC, Simplyhealth Ventures, JamJar Investments, Pentland Ventures, and others.
Renato Circi, co-founder and Co-CEO of Sava, said, “For decades, continuous monitoring has been held back by the same legacy technology. This is about to change. We’re thrilled to be partnering with Ascensia, a global powerhouse in the space, to deliver, as a first step, something radically better to millions of people with diabetes.”
Sava was founded in 2019 by Imperial College London bioengineers Renato Circi and Rafaël Michali. The company develops consumer health and medical devices, including a next-generation glucose sensor. After operating quietly for five years, Sava officially launched in June 2024 and announced that it had raised more than €7.4 million in Seed funding. The round was led by Balderton Capital and Exor Ventures.
Sava has developed a wearable device using its own microsensor technology. The device is designed to measure molecules just beneath the skin continuously and without pain, helping users monitor important health information more easily.
The company is initially focusing on glucose monitoring, which is important for people with diabetes. However, its technology is also designed to track other health markers, potentially allowing users to monitor a wider range of health information over time.
Peter Bodlund, Chief Executive Officer of Ascensia, commented, “Microsensor technology has the potential to transform the day-to-day monitoring experience for people with diabetes. By bringing together Sava’s innovative technology with Ascensia’s deep diabetes expertise, strong reputation and commercial capabilities, we have an exciting opportunity to address important unmet needs in diabetes care. This is an exciting step for Ascensia as we continue to broaden our portfolio and pursue our ambition to simplify and improve life for people with diabetes.”
Basel-based Ascensia is part of PHC Group. The company was established in 2016 when PHC Holdings Corporation acquired Bayer Diabetes Care.
Ascensia sells its products in more than 90 countries and has direct operations in 29 markets. Its product range includes the CONTOUR brand of blood glucose monitoring systems, which help people track their blood sugar levels.
