Switzerland-based insulin delivery service CeQur received $115m on Tuesday in a series C5 round that included medical device producer Tandem Diabetes Care and diabetes injection system provider Ypsomed.
The round was co-led by financial services firm Credit Suisse’s Entrepreneur Capital fund and private equity firm Endeavour Vision and also featured Federated Hermes Kaufmann Funds, GMS Capital, Kingdon Capital Management, Schroder & Co Bank and Venture Incubator (VI Partners).
Spun off by Denmark-headquartered industrial product manufacturer Danfoss in 2008, CeQur is working on a bolus insulin injection distribution system for patients suffering from diabetes.
The company’s lead product, CeQur Simplicity, is designed to help users administer the drug directly and discreetly under clothing.
CeQur had previously raised $100m in a 2015 series C round co-led by investment fund manager Arthurian Life Sciences and asset management firm Woodford Investment Management and backed by Endeavor Vision, Schroders and VI Partners.
Endeavor Vision, Schroders and VI Partners had all taken part in a $27m series B round for the company in 2013 that was co-led by two unnamed individuals. The three had joined BMC Ventures to contribute to its $29.6m series A round three years before.
Bradley Paddock, CeQur’s president and CEO, said: “In the pilot launch of CeQur Simplicity, we have been very encouraged by the feedback from healthcare professionals, payers and people with diabetes, which validates that this novel device offers meaningful benefits to a large segment of people who are insulin-dependent.
“We look forward to advancing our commercial and manufacturing plans in preparation for our broadscale launch.”
