Diabeloop, a key player in therapeutic artificial intelligence (AI) applied to insulin delivery, has announced a new financing round of €70 million to accelerate its international expansion. The Grenoble-based start-up was created in 2015 by Erik Huneker, an alumnus of several EIT Health programmes.
The high-growth diabetes start-up closed its Series C financing round, led by LBO France, joined by Terumo Corporation, Innovacom and backed by Diabeloop’s historical partners. The funds will be used to power the company’s commercial roll-out and global expansion.
Erik Huneker, Founder & CEO of Diabeloop, stated: “Being able to bring the benefits of our products to thousands of patients and hearing their enthusiasm, is why all of us at Diabeloop work so hard. The financing round announced recognises the team’s successes, and more importantly, the great opportunities ahead.”
In 2019, Diabeloop secured the highest recorded European financing round in therapeutic AI and went on to commercially launch two products in the diabetes arena, with several thousand patients equipped in less than a year. The company, an automated insulin delivery pioneer, develops machine-learning software for diabetes treatment. Their CE-marked data visualisation platform accompanies healthcare professionals and patients as a telemedicine and remote patient monitoring solution. High-impact projects, such as the adaptation of the core-algorithm to the multi-million smart insulin pens market and development of smart-watch devices, also have contributed to Diabeloop’s tremendous momentum.
Reassured by the commercial launch of Diabeloop’s first devices and the break-through potential of its projects, addressing a multi-million patient market, previous investors CERITD, CEMAG invest, Kreaxi, Supernova Invest, AGIR A DOM., Crédit Agricole, Odyssée Venture, UI Investissement (Sofimac) and Promontoires all decided to reinvest.
This article was first published on 11 July by EIT Health.