Denmark-based diabetes monitoring device developer RSP Systems has raised $4.5m in series B funding from Trumpf Venture, the corporate venturing arm of machine tools supplier Trumpf, and undisclosed other investors.
The investment enabled RSP, a spinout of University of Southern Denmark, to close the round at €10.4m ($12.1m). It raised the other $7.6m in June 2018, from private investors including chief executive Andreas Jenne, as well as undisclosed family offices and all its existing investors.
Founded in 2006, RSP Systems has created a compact human diagnostics device called GlucoBeam that monitors a diabetes patient’s glucose levels, a key indicator of whether their insulin response is operating correctly.
The series B cash will support clinical trials as RSP Systems readies its technology to attain regulatory approval ahead of a planned market launch in Europe. It had raised a total of approximately $7.5m prior to the second series B close.
The company received $5.1m in a 2016 series A round led by angel investor Roland Berger and backed by its existing investors. It had previously secured $2.6m in seed capital from unnamed investors in 2006, according to Nordic9.
– The original version of this article appreared on our sister site, Global University Venturing.