Hagar Noninvasive Glucometer Announces $4.4m Series A for World’s First Wearable, Non-Invasive Glucose Monitoring Device
GWave Technology to Improve Quality of Life for Millions of Diabetes Worldwide by Eliminating the Need for Painful, Inconvenient Finger Pricking Tests
Tel Aviv, Israel - July 7th, 2021: Globally, more than 460 million adults have diabetes. But testing for glucose up to 10 times a day using invasive products not only increases the risk of infection but is a painful process. Hagar Noninvasive Glucometer has solved this with its GWave non-invasive, continuous, and self-monitoring device. Today, the company announced a $4.4 million Series A led by Columbia Pacific, bringing the total investment it has received to date to $5.4 million.
Hagar Noninvasive Glucometer was founded in 2017 by Guy Zur, CEO, and Co-founder, Br. General Bentzi Gruber (res.), Chairman, Co-founder, Dr. Gerry Waintraub, Co-founder and CTO, and Taire Rubin, Co-founder, and Director of Business Development. The team developed GWave, which utilizes radio frequency (RF) waves to measure glucose levels in the blood continuously. The revolutionary concept was conceived by Dr. Gerry Waintraub when he accidentally spilled a cup of tea on an RF device during routine experimentation. He noticed that the sugar in the tea caused a dramatic reaction on the system’s monitors. Dr. Weintraub began formulating theories about the applications the technology could have to help those with diabetes.
An extensive proof of concept was run at the Sheba Medical Center in Tel Aviv, the leading hospital in Israel and number 10 globally. Compared to the nearly 70% accuracy rate of continuous glucose monitoring products that run chemical analysis on the interstitial fluid of a person, the GWave technology yielded over an astonishing 90% detection results. Because the GWave device monitors the glucose in the blood rather than in the interstitial fluid, there is no delay in receiving results or the possibility of making inaccurate readouts.
Such results prove great importance for the diabetic and prediabetic community. About 1 out of 3 adults have prediabetes in the US alone or roughly 88 million adults. GWave can detect blood glucose levels in those with existing diabetes and those with levels higher than normal but not high enough for a diagnosis, thus helping to prevent developing type 2 diabetes through early detection and preventive medicine. GWave has been tested on 15,000 human volunteers and is currently undergoing clinical trials in Israel for FDA certification.
Improving patient care
“It is estimated that by 2045, 700 million adults will have diabetes. Additionally, the proportion of people with type 2 diabetes is increasing in most countries. Further data shows that diabetes caused at least $760 billion in health expenditure in 2019, representing 10% of total spending on adults. Investing in this breakthrough GWave technology therefore not only makes business sense but will help improve the lives of millions of people around the world,” said John Bratrud, Portfolio Manager of the Columbia Pacific Opportunity Fund
Serving on the Medical Advisory Board of Hagar Technology is Dr. Irl Hirsch, one of the world's top endocrinologists, authoring more than 250 research papers, more than 60 editorials, and numerous book chapters in addition to his six books for patients and physicians. He is also a Professor of Medicine and the Diabetes Treatment and Teaching Chair at the Division of Metabolism, Endocrinology, and Nutrition at the University of Washington. He has served as a member of the American Board of Internal Medicine.
“During my time at the University of Washington, we have seen a dramatic evolution in glucose monitoring. Starting from urine glucose testing moving to finger stick testing to blood glucose testing, and now with our standard of care being continuous glucose monitoring, which is an invasive technology requiring interstitial glucose fluid to be measured under the skin. Hagar Technology has the potential to completely revolutionize the way we monitor and manage both diabetes and even prediabetes given the ease and accuracy of this technology," said Dr. Hirsch.
Technology for change
The GWave sensor is inserted into a ceramic, lightweight, comfortable bracelet worn on the wrist. The second generation of GWave will be available later this year. The device will be the size of a smartwatch and seamlessly connects to a smartphone application associated with it. The GWave app will enable users to receive glucose readings on their smartphones which can be easily shared with their healthcare providers. The sensor uses less radio frequency than a smartphone.
“The Series A funding will be used to fund ongoing research and development, get international patents, and assist in the FDA approval process. Diabetes caused an estimated 1.5 million deaths in 2019 and is considered a major cause of blindness, kidney failure, heart attacks, stroke, and lower limb amputation. For us, this Series A reflects how critically important Columbia Pacific and our other investors see the management of diabetes and gives us the much-needed capacity to continue with refining the technology to help manage one of the most significant chronic diseases in the world today,” said Dr. Waintraub, a global expert in the RF wave space with more than 30 years’ experience in developing electronic systems for multi-market segments, including those pertaining to medical, military and defense, communication, and industrial fields.
About Hagar Noninvasive Glucometer
Hagar Technology is the developer of GWave, the world's first non-invasive continuous glucose monitoring device that utilizes RF waves to measure glucose levels continuously. The GWave sensor is built into a comfortable bracelet the size of a smartwatch that sends glucose readings to the user via a smartphone app that can easily be shared with their healthcare provider.