Fund+, an investment firm focused on European Life Sciences companies, has led a EUR38 million Series B financing in new portfolio company, Indigo Diabetes (Indigo). Indigo is developing a novel ‘invisible’ continuous glucose monitoring device for diabetics. Jan Van den Bossche, Partner at Fund+, will join the Board.
Indigo has developed a small chip using nano-photonics that is designed to measure glucose and ketones in people with diabetes. The product is ‘invisible’ as it is inserted subcutaneously in the patient’s skin and cannot be seen. It has the potential to continuously monitor glucose levels for up to two years enabling both the patient and their healthcare provider to speedily and accurately detect any life-threatening situations. The insight and better management of the condition affords patients a substantially improved quality of life.
Jan Van den Bossche, Partner at Fund+ and member of Indigo Diabetes board, says: “We have been impressed by Indigo’s world class team and innovative approach. They have applied ground-breaking photonics technologies at miniature scale to develop an innovative product for diabetics around the world. This product has the potential to provide easier, continuous monitoring and provide a better quality of life to millions of people.”
CEO and founder of Indigo, Danaë Delbeke, says: “We are very pleased to welcome Fund+ to Indigo. Its investment is validation of our innovative approach to developing an ‘invisible’ sensor which has the potential to give people with diabetes control over their own lives. By using nanophotonics – a spectrometer in miniature form – our sensor allows the measurement of glucose and other biomarkers or metabolites such as ketones accurately and continuously. This financing will enable us to accelerate the development of our sensor into clinical development.”
Chris Buyse, Managing Partner and Executive Board Member of Fund+, adds: “Fund+ invests in innovative medical devices companies with a strong patient-centric approach. Indigo is developing a ground-breaking product that can help improve the lives of people with diabetes. We are delighted to support the experienced and multidisciplinary management team move its product to the next stage of development and maximise its potential.”
Fund+ led the EUR38 million Series B financing with participation from Ackermans & van Haaren, imec.xpand, Capricorn Digital Growth Fund, QBICII and Titan Baratto, as well as existing Series A investors.