About SMSI® - History

Sensors for Medicine and Science, Inc.® began as a collaboration between veteran biotech executive Jim Barrett and inventor Arthur "Skip" Colvin to develop Colvin's patented chemical sensing technology for glucose monitoring in diabetes patients. The Company has since assembled an outstanding team of scientists, engineers, and business people to grow its business and technology portfolio.

Milestones:

  • 1997: SMSI raises seed funding of $3M from New Enterprise Associates (NEA) and from individual investors. Jim Barrett is Chairman and CEO.
  • 1997: Marc Schneebaum joins the company as President and Chief Operating Officer, having participated with Jim Barrett in pre-founding activities.
  • 1998: SMSI raises a second round of $7M from NEA, HealthCare Ventures, Rho Capital Partners, Anthem Capital, and Abingworth Management Limited.
  • 1999: SMSI begins development of a new oxygen sensor for metabolic rate measuring products.
  • 2000: SMSI raises a third round of $5M from the same consortium of venture investors, led by NEA.
  • 2001: SMSI records the first commercial sale of its oxygen sensor.
  • 2001: Marc Schneebaum succeeds Jim Barrett as CEO; Barrett remains as Chairman.
  • 2001: SMSI scientists demonstrate a successfully functioning, implanted glucose sensor in animals.
  • 2002: SMSI raises a fourth round of $30M, principally from the same consortium, led by NEA and HealthCare Ventures.

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