The Center for Innovative Technology (CIT) announced today that its CIT GAP Funds has invested in TypeZero Technologies, LLC, an early-stage medical technology company with a proprietary intelligent control system that improves the safety, outcomes and quality of life for patients with Type 1 and Type 2 diabetes. CIT GAP Funds led TypeZero's seed round, which included several other investors.
TypeZero's core technology is a proprietary software platform that integrates data from approved medical devices in an intelligent, interoperable network for safer, more effective blood glucose management. This system, often known as an 'artificial pancreas,' transforms the patient's role in managing his or her blood glucose from hour-to-hour, active decision making and modification to periodic supervision of a trustworthy, automated, intelligent system.
'TypeZero is led by a management and scientific team that is commercializing the pioneering inventions created at the University of Virginia's (U.Va.) Center for Diabetes Technology and bringing them to market as quickly as possible,' said Pete Jobse, CIT President and CEO. 'These are the types of companies and people that are leading innovation in Virginia.'
In addition to its artificial pancreas software platform, TypeZero is developing a suite of cloud based applications and analytical services, which utilize its core algorithms to provide risk analysis, prediction, clinician advice, patient support and training for patients, caregivers, clinicians and insurers. In the U.S., an estimated 29 million people (9.3 percent of the population) have been diagnosed with diabetes and it is estimated that more than 86 million Americans have pre-diabetes. Of the 29 million, there are more than 1.5 million individuals who have been diagnosed with Type 1 diabetes and more than 4.5 million patients have insulin-dependent Type 2 diabetes. In 2012 alone, the U.S. spent $176 billion in direct healthcare expenses related to the management of diabetes and diabetes complications. TypeZero's artificial pancreas technology can virtually eliminate hypoglycemia and prevent long-term complications from diabetes by keeping blood glucose close to normal range.
'While there are many companies trying to address the management of diabetes care, TypeZero and U.Va. have created a powerful software platform that provides real-time, actionable intervention to patients in a way that is easily integrated into current mobile devices, thus reducing the significant device burden already present in the state of the art treatment in diabetes management,' said Chad Rogers, TypeZero CEO.
TypeZero is one of many startup companies that have licensed technologies from the University of Virginia's Licensing and Ventures Group (LVG). 'These companies are advancing critical research and medical discoveries to global markets and to patients in need,' said Michael P. Straightiff, LVG's executive director. 'TypeZero has the potential to reshape how Type 1 and Type 2 diabetes are treated and holds the promise of giving patients more control over the management of their disease. CIT's investments in U.Va. technologies are helping to ensure that companies like TypeZero have the resources needed to bring creative solutions to market.'
The CIT GAP Funds has invested over $16 million to help develop nearly 130 high-growth new startups, which were then able to attract an additional $286 million in private equity investments. For more information on the CIT GAP Funds, click here.
About the Center for Innovative Technology, http://www.cit.org
Since 1985, CIT, a nonprofit corporation, has been Virginia's primary driver of innovation and entrepreneurship. CIT accelerates the next generation of technology and technology companies through commercialization, capital formation, market development and revenue generation services. To facilitate national innovation leadership and accelerate the rate of technology adoption, CIT creates partnerships between innovative technology start-up companies and advanced technology consumers. CIT's CAGE Code is 1UP71. To learn more, please visit http://www.cit.org. Follow CIT on Twitter @CITorg and add the Center for Innovative Technology on LinkedIn and Facebook.
About the CIT GAP Funds, http://www.citgapfunds.org
CIT GAP Funds makes seed-stage equity investments in Virginia-based technology, clean tech and life science companies with a high potential for achieving rapid growth and generating significant economic return for entrepreneurs, co-investors and the Commonwealth of Virginia. CIT GAP Funds investments are overseen by the CIT GAP Funds Investment Advisory Board (IAB). This independent, third-party panel consists of leading regional entrepreneurs, angel and strategic investors, and venture capital firms such as: New Enterprise Associates, Grotech Ventures, Valhalla Partners, Harbert Venture Partners HIG Ventures, Edison Ventures, In-Q-Tel, Intersouth Partners, SJF Ventures, Carilion Health Systems, Johnson & Johnson, General Electric, and Alpha Natural Resources.
About TypeZero Technologies, http://www.typezero.com
TypeZero Technologies is a Charlottesville based healthcare technology company that is dedicated to revolutionizing the way the world manages and treats Type 1 and Type 2 diabetes. TypeZero is developing the inControl Diabetes Intelligence Platform, which is a patented software solution designed to integrate a universe of medical devices, services, and applications, transforming raw data into powerful control solutions.