Diabeloop, the developer of a connected type 1 diabetes management system, raised €31 million ($34 million) in Series B funding.
The funding round was led by CEMAG Invest with participation from new investors – ADAG, Odyssée Venture and AGIR à dom, and its Series A investors including: ALIAD (Air Liquide Venture Capital), Supernova Invest, Sofimac Innovation, Kreaxi, Crédit Agricole, and the CERITD, as well as the company’s management. Additionally, three major banks have joined Diabeloop’s existing group of debt financiers, including Bpifrance.
The company will use the latest funds to submit its application for market clearance with the Food and Drug Administration (FDA) and launch its commercial plan to enter the American market.
“Our technology is unique. The Diabeloop-developed algorithm adapts to the physiology and lifestyle of each person, which means the glucose trend prediction and insulin delivery are customized. Patients have provided extremely positive feedback, especially in terms of quality of life, as the daily burden of multiple therapeutic decisions is alleviated,” said Erik Huneker, founder and co-CEO of Diabeloop in a company press release.
Founded in 2015, Diabeloop makes an artificial intelligence-powered automated insulin delivery system (ADS) called DGLB1. Its system connects 3 components – a continuous glucose monitor, a patch insulin pump, and a locked-down handset hosting Diabeloop algorithm and user interface.
DGLB1 works by transmitting glucose readings via Bluetooth to the handset every five minutes. It analyzes data in real-time and considers the patient’s physiology, history and data entries (meals or exercise) to determine the correct dose of insulin to administer.
The company is also in the process of obtaining a national reimbursement agreement in France and advanced discussions are underway with notable German health plans.
Other similar technologies that received funding:
Bigfoot Biomedical, a developer of a cloud-based type 1 diabetes management system, secured $55 million from Abbott and other new and existing investors, bringing its total equity to $90 million.
GluSense, a miniature, long-term, implantable continuous glucose monitoring system for diabetes patients, received an investment from the JDRF T1D Fund, a venture philanthropy fund devoted to funding early-stage T1D commercial programs.
According to Mercom’s Digital Health Funding Tracker, diabetes management companies raised over $1 billion in VC funding since 2012.
