France-based medical device developer Diabeloop completed a €31m ($34.1m) series B round yesterday featuring home healthcare provider Agir à dom and Aliad, the investment arm of industrial gases supplier Air Liquide.
The €22m equity portion of the round was led by family office Cemag Invest and included financial services firm Crédit Agricole, which participated through its Crédit Agricole Sud Rhône Alpes Capital and Crédit Agricole des Savoie Capital units.
Ceritd, Odyssée Venture, Adag, Sofimac Innovation, Kreaxi and unnamed members of Diabeloop’s management filled out the equity investors along with Supernova Invest’s Supernova 2 fund. Financial services firms Caisse d’Epargne, BNP Paribas and Société Générale supplied the debt.
Diabeloop has developed a closed-loop automated insulin delivery system that relies on an insulin pump connected to an artificial intelligence platform to automate the treatment of type 1 diabetes. The technology has gained regulatory approval in the European Economic Area.
The series B proceeds have been allocated to accelerated expansion efforts in Europe and the US, where the company will submit an application for market clearance from regulator Food and Drug Administration.
Aliad, Supernova Invest, Sofimac, Kreaxi, Crédit Agricole and Ceritd had previously participated in a $16.2m series A round for the company in September 2017.
