London-based healthtech startup Sava Technologies has raised $36 million in Series B funding and signed a commercialisation and distribution agreement with Ascensia Diabetes Care for its next-generation glucose monitoring device.
The round was led by Ascensia, a member of PHC Group, with participation from Balderton Capital, Norrsken VC, Simplyhealth Ventures, JamJar Investments, Pentland Ventures and other investors. The financing brings Sava’s total funding to $68 million.
Developing a Wearable Glucose Microsensor
Founded in 2019, Sava is developing a wearable biosensor platform designed to measure molecules just beneath the skin continuously and without pain.
Its first product focuses on glucose monitoring for people with diabetes. Unlike conventional continuous glucose monitors (CGMs), which use a filament inserted beneath the skin, Sava’s technology uses microsensors approximately ten times shorter than those found in traditional devices.
According to the company, the smaller sensors are designed to reduce disruption to the skin while still reaching interstitial fluid, allowing continuous glucose measurements.
Although glucose monitoring is its initial application, Sava plans to extend the technology to other biomarkers.
The company is preparing a pivotal clinical study in 2026 and is targeting CE approval for non-adjunctive use. This would allow patients to make insulin dosing decisions based on the device’s readings without routine confirmation through fingerstick blood glucose tests.
Ascensia to Lead European Commercialisation
Alongside the funding, Sava has appointed Ascensia Diabetes Care as its commercialisation and distribution partner, initially in Europe.
Ascensia develops and distributes diabetes monitoring products, including the CONTOUR blood glucose monitoring portfolio. Its products are sold in more than 90 countries, and the company operates direct commercial organisations in 29 markets.
Under the agreement, Ascensia will lead the commercial launch of Sava’s glucose monitoring device, subject to regulatory approval.
“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.”
— Peter Bodlund, Chief Executive Officer of Ascensia
Sava will use the Series B financing to expand manufacturing capacity and prepare for commercial production ahead of its planned clinical study.
The company is targeting CE approval and commercialisation within 18-24 months, with Europe expected to be its first market through the Ascensia partnership.