Indigo Diabetes, a developer of continuous glucose monitoring sensor and corresponding app, announced a €38 million ($44.6 million) Series B funding round.
The funding round was led by Fund+ with participation from Ackermans & van Haaren, Capricorn Digital Growth Fund, imec.xpand, Titan Baratto, Powergraph, Qbic Arkiv Fund, Fidimec, Manuardeo, and Capricorn ICT Arkiv.
Series A investors Thuja Capital Healthcare Fund II, PMV, and Sensinnovat, all reinvested in the Series B capital round.
The company plans to use the funds to accelerate the development of its sensor into clinical development. The funding will also drive further expansion of the company, which now has twenty-five employees.
According to data provided by the company, one out of eleven people in the world lives with diabetes and has to keep an eye on blood sugar levels every day.
“By using nanophotonics – a spectrometer in miniature form – our sensor will allow us to measure glucose and other biomarkers or metabolites such as ketones accurately and continuously. Unlike the Continuous Glucose Monitoring systems (CGMs) on the market today, our sensor will be invisible. The sensor will sit underneath and not on the skin. Diabetes, therefore will no longer need to be visible,” said Danaë Delbeke, CEO of Indigo Diabetes.
Indigo Diabetes is creating a continuous glucose monitoring sensor and a companion app. The sensor is designed to be inserted underneath the skin and continuously measure glucose and ketones in people with diabetes, and send real-time warnings and alerts to a patient’s smartphone or other connected devices. Users can also share their data with others via the connected app.
“Clinical evidence has proven that CGMs are effective tools for people with diabetes to improve glycemic control. We strongly believe Indigo’s invisible sensor is the next stage. Not only will it allow better monitoring and treatment of diabetes, but the psychological impact of continuously painful finger-pricking or having to live daily with visible sensors will be a thing of the past thanks to this Indigo sensor,” said Dr. Harrold van Barlingen of Thuja Capital.
The company, founded in 2016, has raised over $52 million to date, including a €7.1 million (~$8.2 million) Series A round in 2016, which was led by Thuja Capital, Sensinnovat and PMV.
Wearable Sensors companies raised $321 million in 1H of 2020.
Image Credit: Indigo Diabetes