C8 Medisensors, a US-based company specialising in glucose monitoring, secured $24m in series C funding on Thursday from investors including General Electric’s GE Capital financial services division and its GE Healthcare division, which made the investment through its Healthymagination fund.
C8 stated that GE joined existing investors in the round, but did not disclose the identity of the backers. C8 has now raised about $74.5m, according to Global Corporate Venturing estimates from the company’s Securities and Exchange Commission filings.
Thierry Leclercq, general manager of GE Healthcare’s Life Care Solutions subdivision, said: "Glucose monitoring is the most common method of monitoring diabetic care in the world. GE Healthcare has a solid monitoring business, one in which we focus on new and innovative ways to monitor patients in the most non-invasive way. C8 is a good strategic fit with GE Healthcare, given our common focus on clinical issues for the patient."
C8 is planning to use the cash to develop its lead product – a light-sensitive sensor for diabetics that can check the body’s glucose levels – in time for introduction in 2012.