Tandem Diabetes Care Inc. has developed the t:slim insulin pump delivery system combing the first touch-screen pump and a therapy management software called t:connect. The company began shipping the U.S. Food and Drug Administration-cleared device in late August. It comes with a USB port and cable that can transfer data captures in the device to any Internet-enabled Mac or PC.
Company name: Tandem Diabetes Care Inc.
Industry: health IT/medical devices
Location: San Diego, California.
Money raised: $36.4 million of $50 million goal.
How it will be used: The money will be used to expand the company’s sales and marketing capacity. It will also be used to fund customer support systems and in research and development, said a company spokesman
Investors: Domain Associates, Delphi Ventures, TPG Biotechnology, HLM Venture Partners, Howard Greene Jr. and John Livingston.
Market opportunity: The global diabetes device market is projected to grow to $25.3 billion, up from $17.7 billion last year. A spokesman for Tandem Diabetes said the U.S. insulin pump market is $1.5 billion, but only one-third of type 1 diabetes patients use an insulin pump, which represents a significant opportunity for the company.
Competitors: Medtronic, Johnson & Johnson and Roche.