Profusa is a pre-revenue medical device company developing an injectable biosensor platform called Lumee that continuously monitors biochemical markers inside the body. The core technology is a small, electronics-free hydrogel sensor injected subcutaneously via a standard hypodermic needle, which integrates with surrounding tissue and is read by an external optical reader paired with a smartphone app. Profusa has two products in development: Lumee Oxygen, which measures dissolved tissue oxygen in patients with Critical Limb Ischemia and has CE Mark in Europe, with a planned European commercial launch in early 2026 and a U.S. FDA approval targeted for late 2026; and Lumee Glucose, a continuous glucose monitor (CGM) still in clinical development, targeting CE Mark submission in 2026 and a U.S. pivotal trial shortly after. Profusa's intended business model follows a razors-and-blades structure, with a reusable optical reader and recurring revenue from disposable injected sensors. For commercialization, Profusa plans to use regional distribution partners in Europe for Lumee Oxygen and pursue a licensing or co-commercialization deal with a larger CGM player for Lumee Glucose, avoiding the cost of building its own sales force. Longer term, Profusa aims to monetize its biochemical data streams through B2B licensing to telemedicine and wellness platforms. Profusa completed a SPAC merger in July 2025 to access public markets and has funded its development with over $100M, including roughly $30M in government grants from DARPA and NIH.