This article was originally published in Start Up
Infusion pumps have been on the market for almost 20 years, but their cost and complexity have restricted their use to only 10% of insulin-dependent diabetics. Insulet Corp. hopes to penetrate further into the diabetes market with a credit-card sized disposable insulin pump that attaches to the body with an adhesive, and is controlled by a wireless remote unit.
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Insulet, developer of a fundamentally new insulin delivery system, just raised $50 million in its fifth venture round. This brings the total it's raised to date to more than $120 million, which sounds like a tremendous sum for a small device company founded just six years ago, but relative to the size of the opportunity it's really not. There are one million diabetic patients who need to inject insulin several times a day to manage their diabetes. For these patients, Insulet has brought insulin pumps into the age of iPods.
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