U.S. markets closed
  • S&P 500

    3,911.74
    +116.01 (+3.06%)
     
  • Dow 30

    31,500.68
    +823.32 (+2.68%)
     
  • Nasdaq

    11,607.62
    +375.43 (+3.34%)
     
  • Russell 2000

    1,765.74
    +54.06 (+3.16%)
     
  • Crude Oil

    107.06
    +2.79 (+2.68%)
     
  • Gold

    1,828.10
    -1.70 (-0.09%)
     
  • Silver

    21.13
    +0.09 (+0.42%)
     
  • EUR/USD

    1.0559
    +0.0034 (+0.33%)
     
  • 10-Yr Bond

    3.1250
    +0.0570 (+1.86%)
     
  • GBP/USD

    1.2270
    +0.0009 (+0.07%)
     
  • USD/JPY

    135.1700
    +0.2370 (+0.18%)
     
  • BTC-USD

    21,281.67
    +179.08 (+0.85%)
     
  • CMC Crypto 200

    462.12
    +8.22 (+1.81%)
     
  • FTSE 100

    7,208.81
    +188.36 (+2.68%)
     
  • Nikkei 225

    26,491.97
    +320.72 (+1.23%)
     

Innovative Drug Delivery Company Partners with Fortune 100 Global Foundry for Next-Generation Artificial Pancreas

·3 min read

NEW YORK, May 11, 2022 /PRNewswire/ -- AiTA Bio, a New York-based bio-MEMS company, today announced it has secured $8.5 million in Series A funding led by Hammerstone Capital, BlackPoint Partners, SkyView Investment Advisors, and others.

AiTA is developing an integrated Micro-Electro-Mechanical Systems (MEMS) augmented biology platform in partnership with a leading Fortune 100 Global MEMS Foundry.

Founder of Hammerstone Capital, Joshua Deckard, said: "It's been incredible watching AiTA grow, execute, and deliver on the vision they presented to me nearly two years ago. They are one of the smartest, most ambitious teams I've worked with in what is truly one of the most exciting pieces of technology that I've ever encountered. It has been remarkable to see them take on an incredibly difficult problem and go from an idea on the back of a napkin to now planning out production volumes with a Fortune 100 Foundry. The platform has the potential to fundamentally change the lives of millions of individuals who battle daily with the deadliest and costliest medical conditions we face as a society and in the healthcare system broadly. I'm excited to continue to help great teams like AiTA go head-on at these problems."

Founder & CEO, Jacob Menture, said: "We have been incredibly fortunate to have formed a team that defines hard work, fortitude, ingenuity, and a hyper-focus on attention-to-detail to build this company, technology, and product the right way. The human body is still operating on Windows 98 relative to the increasingly complex viral complexes globally. The drug delivery space still relies on antiquated enabling technologies and manufacturing methods. We believe the time is now to elevate our own operating systems at a fundamental level. Smaller, more precise, and more physiologically equivalent systems must be integrated into how we treat, diagnose, and care for society's most vulnerable. Traditional manufacturing methods are inadequate and simply cannot provide the level of integration, sensing, and precision that MEMS can achieve which has been so critically valuable and transformative for companies like Apple and Tesla, who would not exist today without it.

Now is the time to elevate our own physiology starting with a real push towards at-scale, commercial, and accessible augmented biology for people at daily risk from life-threatening autoimmune disorders, aggressive cancers, addiction, and pain management. Precision dosing and integrated multi-analyte sensing are the first steps toward creating the control loops necessary to effectively diagnose, treat, and ultimately upgrade our own biological operating system. We know the responsibility we've been entrusted with by our partners, and we are thankful for the painstaking amount of effort from our team that has allowed us to advance this far. We're looking forward to showing the world that we can, we must, and we will do better for the millions of people, including our own loved ones, who cannot afford to wait any longer for this technology to be brought to life."

Contact:

Neal Marcus
neal@aitabio.com

Cision
Cision

View original content:https://www.prnewswire.com/news-releases/innovative-drug-delivery-company-partners-with-fortune-100-global-foundry-for-next-generation-artificial-pancreas-301545687.html

SOURCE AiTA Bio Inc