Diabeloop, a France-based medical device company that offers AI-based, personalized solutions to automate the treatment and management of diabetes, announced on Thursday that it has raised €70M in its Series C round of funding.
The company develops machine-learning software for diabetes treatment, automating insulin delivery. Its algorithms are integrated into products to facilitate chronic disease management, impacting patients’ clinical outcomes.
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Diabeloop says that the funds will help accelerate the company’s commercial roll-out and support its sustained growth strategy and its ‘high-impact’ projects.
Investors supporting this round
The round was led by private equity player LBO France. The venture division of the sustainability-conscious private equity fund claims to be a European leader in digital health, supporting companies with ambitious projects to expand their footprints internationally.
Valery Huot, Partner, Head of Venture at LBO France, says, “Diabeloop’s team has developed a unique data-driven product that has the potential to revolutionize the daily life of millions of diabetic patients by taking away most of their daily mental burden and significantly improving the control of their disease. We are eager to join the investor base and help the company become a global leader in diabetes closed-loop software solutions.”
Besides, international healthcare firm Terumo Corporation also participated in this round. After entering into development agreements in 2020, Terumo extended this to a strategic partnership agreement with Diabeloop in 2021.
Innovacom, a firm specializing in deep-tech and industrial projects, has joined LBO France and Terumo Corporation as new investor. Existing investors, including CERITD, CEMAG invest, Kreaxi, Supernova Invest, AGIR A DOM., Crédit Agricole, Odyssée Venture, UI Investissement (Sofimac), and Promontoires, also invested in this round.
Bpifrance and the historical bank pool are supporting Diabeloop via debt financing.
Furthering scientific advances in diabetes management
Founded in 2015 by Erik Huneker and Guillaume Charpentier, Diabeloop aims to make innovation accessible to people living with diabetes, improving clinical results while relieving them of their constant mental burden.
The first closed-loop solutions commercialized by Diabeloop offer personalized management for Type 1 (DBLG1) and highly unstable Type 1 diabetes (DBL-hu). By connecting a Continuous Glucose Monitoring device (CGM) and an insulin pump, Diabeloop’s algorithms analyze data in real-time and automate insulin delivery. It transforms the lives of people with diabetes by taking over many of the therapeutic decisions that used to fall on patients.
Both of Diabeloop’s medical devices, DBLG1 System and DBL-hu, are CE-marked and being deployed in Europe.
In 2019, Diabeloop secured the highest recorded European financing round in Therapeutic Artificial Intelligence and went on to commercially launch its two products. The company equipped 10,000 patients in less than a year.
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