Insulet Corp., a Beverly, Mass.-based developer of wireless insulin pumps for diabetes patients, is expected to announce today that it has raised $22 million in its third round of venture capital funding.
New investor Pequot Capital Management led the Series C deal, and was joined Oakwood Medical Investors and return backers Prism Venture Partners, Versant Ventures and Schroder Ventures Life Sciences. No valuation information was available by press time, although Insulet was given an $18.8 million post-money mark after its $11 million second round deal in June 2001.
“The success of this latest round of venture capital reflects the great promise of our delivery system for enhancing the treatment of insuli- dependent patients,” said Duane DeSisto, COO and interim CEO of Insulet. Former CEO Thomas Wood left Insulet earlier this year for undisclosed reasons.
Founded in Auguest 2000, a syndicate led by Versant Venture Partners provided the startup with $11 million in a second round of venture capital financing in June 2001. Versant and Schroder Ventures Life Sciences each committed $3.75 million to the deal, while backer Prism Venture Partners invested an additional $3.5 million.
During the company’s last trip to the venture capital arena, Insulet already planned on returning. Although then is expected its Series C round would close with just $7 million.