Its DIY and not off the shelf (it will be heading to commercial systems but no idea how long that will take).
Nothing is perfect - but makes life easier - I don't count carbs, just eat and it sorts out the food hitting my BG....but large amounts of carbs will send you above 10mmol (as the CGM takes time to register, and even ultrafast takes time to kick in) so if you've eaten a big meal - and then want 'more' sometimes you have to wait for the loop to start reducing the blood sugar.
There are a few systems out there (I use AAPS and Tim Streets variant of that called Boost) - AAPs is a very advanced DIY HCL, Boost adds functionality to 'boost' the insulin amounts based on the size and rate the BG is rising (also does some nice stuff like monitor step count and reduce basal if you're exercising and a load of other bits too).
It takes a long time to get set up - took me a year or so to learn what I needed for a 'fire-and-forget' solution, but I wouldn't go back as its very reliable and has changed how and what I eat (did you know Orange juice is a food to be enjoyed instead of a hypo treatment? - No me either....)
My TIR is 93% TTIR is 73% - I do need to modify some settings to improve this though - I like to run at 96%+ but with a FCL you have to expect some higher than 10mmol time as its always working in the past (CGM time, insulin action time), but should stay below 12mmol if you have it configured correctly.