Announcing the Genesis Investment in BeerLambert
On behalf of Genesis, I’m excited to announce our investment in BeerLambert. BeerLambert aims to dramatically improve the affordability of blood glucose monitoring for diabetics worldwide.
The Problem
Diabetics test their blood glucose level multiple times a day using disposable testing strips for each test. The cost of these strips amounts to hundreds of dollars per year and the high expense often results in diabetics testing less frequently than prescribed. Infrequent testing results in slow diagnosis of serious health conditions and the potential for high medical bills as a consequence. As millions of diabetics live in low-to-middle income countries, affordability is an even more serious issue. A Type II diabetic in India earning an average income can expect 38% of their income to disappear due to the cost of blood glucose monitoring.
BeerLambert has set out to eliminate this issue by inventing a new process for blood glucose testing. Using a process known as polarimetry, the BeerLambert device passes light through the blood sample to evaluate the glucose levels. This process uses small, transparent, and inexpensive capillary tubes instead of expensive testing strips. The result is a 94% reduction in recurring costs.
The Founder
BeerLambert was founded by Sam Kanawati, a Master’s student in the Electrical and Computer Engineering Department at UT Austin. Sam founded the venture after becoming frustrated that a relative in Lebanon was struggling to afford to test her blood at her doctor’s prescribed frequency.
How’re They Doing?
Sam is working hard to develop the first iterations of the BeerLambert device hardware. He has also formed several relationships with advisors in a variety of technical fields who share his passion for medical device technology. Sam hopes to build relationships with foreign diabetes care centers in order to pilot his device.
Why I Led This Deal by Ashwin Hareesh, Venture Partner
From the beginning, Sam impressed me with his ability to develop expertise in a wide range of engineering and scientific domains to build his product. His dedication has led him to invent a new polarimetry process altogether, pending patent approval. Sam has demonstrated time and time again that he possesses the discipline to develop a technology that could impact hundreds of millions of people across the globe. A combination of an excellent founder, an innovative idea, and an opportunity to have an outsize positive impact on human lives inspired Genesis to fund this venture.
