Digital chronic condition management company DarioHealth announced it closed a debt financing facility for up to $50 million by Callodine Group and Rand Capital.
The new funding restructures the company’s prior credit facility and will be used to advance its B2B2C strategy across pharma partners, self-insured employers and payer organizations.
DarioHealth borrowed $32.5 million at closing, and up to $17.5 million is available based on reaching certain revenue achievement thresholds. The term of the Credit Agreement is five years and matures in April 2030.
The company will also purchase 2,114,140 shares of its common stock, with an exercise price of $0.8278.
“In addition, up to $2.5 million of the loaned amount can be converted into shares of the company’s common stock at a price of $0.9933 per share. With the refinancing and current cash on hand, the company believes that deferring the debt amortization from the end of 2025 to 2028 will allow the time to generate funds from operations to support the company’s cash flow,” according to a statement released by the company.
Epicore Biosystems, a company that offers sweat-sensing wearable technology and cloud analytics platform, announced it expanded its Series B round, adding $6 million in funding, bringing its total round to $32 million.
The round includes new backing from marquee angel investors and a San Francisco-based investor. It also received continued support from Joyance Partners and Alumni Ventures.
The company uses microfluidic channels and biosensors to analyze biomarkers in one’s sweat and plans to leverage its sweat-based biosensing technology for personalized health monitoring.
The Massachusetts-based company will use the funds to validate biomarkers for kidney health and stress management, enhance its real-time cloud-analytics capabilities and expand its offering into industrial markets in the Middle East, Asia and Australia.
“Connected Hydration seamlessly captures multiple sweat and physiology biomarkers and provides real-time haptic feedback, allowing the wearer to manage their hydration, fatigue, and recovery needs,” Roozbeh Ghaffari, CEO and cofounder of Epicore Biosystems, said in a statement.
“We’re thrilled to have mission-driven investors onboard who recognize both the value of new data streams and the utility of biosensor technologies to transform safety, well-being and productivity.”
The company secured $25 million in Series B funding earlier this year and in 2022 raised $10 million in Series A funding.
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