Belgium-based diabetes management technology developer Indigo Diabetes yesterday obtained €38m ($44.5m) of series B capital from investors including diversified conglomerate Ackermans & van Haaren.
The round was led by Fund+ and also includedmulti-university venture fund Qbic II and Imec.xpand, the fund of nanoelectronics research institute Imec.
Capricorn Digital Growth Fund, private investor Titan Baratto and unnamed investors from Indigo’s series A round filled out the consortium.
Spun out of Ghent University in 2016, Indigo Diabetes has devised a compact, needle-free sensor that is inserted within the skin of diabetes patients to monitor biomarkers such as blood sugar via a connected mobile app.
The sensor exploits nanophotonic communications to resist interruptions to its feedback, functioning for up to two years without the need for maintenance. Traditional glucose monitors deteriorate with age, becoming erratic with improper usage or changes to room temperature.
Indigo Diabetes will ust the capital to prepare its technology for clinical development. Jan Van den Bossche, partner at Fund+, has joined the board of directors.
The spinout collected $8.1m of series A funding in 2016 co-led by Flemish government-owned investment firm Participatiemaatschappij Vlaanderen (PMV) and Thuja Capital Healthcare Fund II.
Multi-university venture fund Qbic Arkiv Fund also contributed alongside Sofi, a PMV-managed fund aimed at spinouts from Flanders-based institutions, Sensinnovat, Capricorn ICT, Parana Management Corp, Fidimec and Manuardeo.
– The original version of this article appeared on our sister site, Global University Venturing.