Healthtech Sava Technologies raises £27m led by Ascensia and Balderton Capital
This article covers Sava Technologies, a London healthtech startup, which has raised £27m in a series B funding round and appointed Ascensia, a subsidiary of PHC Holdings Corporation, as its commercialisation and distribution partner for Europe. The development is intended to support Sava's move from lab to market for a next‑generation glucose microsensor and affects clinicians, distributors and people with diabetes by broadening continuous glucose monitoring options.
Sava Technologies, a London healthtech startup, has raised £27m in a series B funding round and appointed Ascensia, a subsidiary of PHC Holdings Corporation, as its commercialisation and distribution partner for Europe — a move that accelerates the company’s shift from lab to market for a next‑generation glucose microsensor.
Why it matters
The funding and partnership matter because continuous glucose monitoring (CGM) is a growing but concentrated market. Around 12 million people use CGM today, while an estimated 589 million adults live with diabetes globally — a figure the International Diabetes Federation projects could reach 853 million by 2050. With just two manufacturers currently dominating CGM hardware, distributors, clinicians and patients have limited device choice. Sava’s entry could broaden options and lower friction for continuous sensing, with potential implications beyond diabetes if its platform can measure multiple biomarkers.
Inside the product
Sava has developed a wearable built on proprietary microsensor technology that measures molecules just beneath the skin, continuously and without causing significant pain. The company says its microsensors are roughly 10 times shorter than the filament used in traditional CGM sensors, reducing disruption to the skin while still accessing interstitial fluid.
The immediate focus is a glucose microsensor intended for non‑adjunctive use — that is, a device that could support insulin dosing decisions without routine fingerstick confirmation — subject to CE approval. Sava plans a pivotal clinical study this year and says the new capital will be used to scale manufacturing and the infrastructure required to bring its first product to market. The platform is designed with other biomarkers in mind, potentially enabling continuous sensing beyond diabetes.
Who are the investors?
The round was led by Ascensia, with participation from institutional and corporate backers including Balderton Capital, Norrsken VC, Simplyhealth Ventures, JamJar Investments and Pentland Ventures, among others. The funding brings Sava’s total financing to $68m.
Ascensia, a member of PHC Group and owner of the CONTOUR portfolio of blood glucose monitoring systems, will act as Sava’s commercialisation and distribution partner in Europe and will lead the initial commercial launch if regulatory milestones are met. Ascensia’s products are sold in more than 90 countries, with direct commercial operations in 29 markets, giving Sava immediate access to established clinical, payer and distributor relationships.
Balderton Capital is a major London venture investor; Norrsken VC focuses on mission‑driven technology; Simplyhealth Ventures is the corporate arm of a UK health organisation; JamJar Investments backs consumer health and lifestyle businesses; Pentland Ventures is the investment arm of the Pentland Group. Their participation signals both financial support and sector expertise as Sava moves into commercial execution.
In the announcement, Peter Bodlund, CEO of Ascensia, said:
Microsensor technology has the potential to transform the day-to-day monitoring experience for people with diabetes.
By bringing together Sava’s innovative technology with Ascensia’s deep diabetes expertise, strong reputation and commercial capabilities, we have an exciting opportunity to address important unmet needs in diabetes care.
This is an exciting step for Ascensia as we continue to broaden our portfolio and pursue our ambition to simplify and improve life for people with diabetes.
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Founder perspective
Sava was founded in 2019 and is now moving from technical development to commercial roll‑out. Renato Circi, co‑founder and co‑CEO of Sava, framed the deal as a correction of long‑standing limitations in the category.
In the announcement, Renato Circi, co‑founder and co‑CEO of Sava, said:
For decades, continuous monitoring has been held back by the same legacy technology. This is about to change. We’re thrilled to be partnering with Ascensia, a global powerhouse in the space, to deliver, as a first step, something radically better to millions of people with diabetes.
The partnership with an established diabetes player gives Sava access to distribution, regulatory know‑how and clinical networks that are often the hardest parts of scaling a medical device.
The bigger picture
The deal illustrates a wider trend in healthtech where earlier‑stage device developers pair with established medical device companies to accelerate market entry and navigate regulatory pathways. It also highlights continued interest from healthtech investors in monitoring and wearable technologies that promise lower‑friction, continuous data streams for chronic disease management.
For the UK and Europe, the Sava–Ascensia arrangement is a reminder that commercial partnerships remain a crucial route to scale for medtech startups, particularly where reimbursement, clinician adoption and global distribution are essential. Observers will be watching the pivotal study and CE approval process closely as signals for how quickly new entrants can meaningfully alter an entrenched market.
They've invested in Sava Technologies
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