Grenoble, France-based startup Diabeloop has secured â‚¬31m in a Series B funding round led by Cemag Invest, with ADAG, OdyssĂ©e Venture, previous backers Supernova Invest, Air Liquide Venture Capital and others also participating.
WHAT THEY DO
Founded in 2015 out of a medical research project, the companyâ€™s primary product is what is referred to as a hybrid closed-loop system for management of Type 1 diabetes. Called DBLG1 (Diabeloop Generation 1), it connects a continuous glucose monitor, a patch insulin pump and a handset that hosts the company's unique algorithm.
It works by transmitting a glucose measurement via Bluetooth to the handset every five minutes. Diabeloopâ€™s algorithm analyses the data, along with other information about the patient, to determine the correct dose of insulin that needs to be administered. The result is a system that the company said â€śalmost completely automates the treatment of Type 1 diabetesâ€ť.
â€śThe Diabeloop-developed algorithm adapts to the physiology and lifestyle of each person, which means the glucose trend prediction and insulin delivery are customised,â€ť said founder and co-chief executive Erik Huneker.
WHAT ITâ€™S FOR
With the new money, Diabeloop now plans to accelerate the commercial rollout of its system, ramp up R&D activities and submit its application for FDA clearance, having already obtained CE marking.
The company also said it was â€śin the processâ€ť of securing a national reimbursement agreement in its home country, and was in discussions with health insurers in Germany.
THE LARGER TREND
A study funded by Diabeloop and the French Innovation Fund involving Type 1 diabetes patients, published in the Lancet Digital Health earlier this year, found that the DBLG1 system improved glucose control compared to sensor-augmented insulin pumps.
But the biggest name within the world of automated diabetes management systems is Medtronicâ€™s MiniMed 670G. The MiniMed was the first hybrid closed-loop system for patients with Type 1 diabetes to be cleared by the FDA back in 2016.
ON THE RECORD
â€śHaving been able to combine the new syndicate of investors with historical backers on this Series B round of financing is a notable expression of confidence in the foundation and capabilities of Diabeloop,â€ť said Marc Julien, co-chief executive of the startup.
â€śThe new investors, led by CEMAG Invest, which is particularly interested in creating value for patients, enable us to launch an unprecedented fundraising event in the therapeutic artificial intelligence sector. Today we can say that Diabeloop is on track for rapid international deployment, which will make our devices accessible to the greatest possible number of patients,â€ť Julien added.
Source : https://www.mobihealthnews.com/news/europe/french-startup-diabeloop-announces-31m-series-b-funding-round