US-based diabetes management device manufacturer TypeZero Technologies was acquired by glucose monitoring provider Dexcom yesterday, marking the first exit for the University of Virginia Licensing and Ventures Group (UVA LVG) Seed Fund.

Financial terms were not disclosed. The Seed Fund is a $10m vehicle launched by the university’s commercialisation arm, UVA LVG, to back university-linked companies.

Founded in 2013, TypeZero Technologies develops diabetes management tools, called InControl, that include a smartphone-operated artificial pancreas system to help the patient keep track of insulin levels.

The technology connects to smart pens and automated insulin delivery systems, to control injections crucial to stabilising blood sugar levels.

Prior to the transaction, Dexcom had already worked alongside TypeZero and University of Virginia on projects including InControl’s compatibility with third-party devices. The company’s first automated insulin pen is due for commercial release in 2019.

TypeZero was one of UVA LVG Seed Fund’s first three publicly-disclosed investments in January 2018, raising an undisclosed sum. It previously raised $415,000 in debt and securities in 2015 from investors including Gap Funds, a group of VC vehicles run by Virginia’s Center for Innovative Technology.

Chad Rogers, chief executive of TypeZero Technologies, said: “The TypeZero team is excited for our next chapter as part of Dexcom.

“For the last several years, our company has been committed to creating diabetes management products that simplify the life of a person with diabetes. As part of Dexcom, we will continue to embrace the mission to empower people with diabetes through innovation.”