The Center for Innovation (CIT) announced Thursday that its CIT Gap Funds portfolio company, TypeZero Technologies, has been acquired by Dexcom, Inc.
Both companies specialize in diabetes management via tech: TypeZero provides diabetes management tools through a platform for healthcare providers and diabetics, while Dexcom develops, creates and distributes glucose monitoring systems.
The TypeZero platform includes advisory applications for smart insulin pens and smartphone-based systems that regulate insulin intake.
“We are excited to join Dexcom’s portfolio and expand on our shared mission of empowering people with diabetes through innovation,” Chad Rogers, CEO of TypeZero, said in a press release. “CIT’s early support of TypeZero played an important role in the company reaching this next chapter, and we look forward to sharing this journey with our Virginia network as we continue to grow and reduce significant burdens that many people with diabetes face.”
CIT GAP Funds — a seed-stage investment fund for Virginia-based technologies — led a 2015 seed round in TypeZero’s technology, which was licensed from the University of Virginia. TypeZero will continue to operate out of Virginia during this acquisition transition.
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