Indigo Diabetes, a spinout of Ghent University and Imec, has raised the capital from a consortium of investors that included university venturing fund Qbic.
Indigo Diabetes, a medical device maker spun out of Ghent University (UGent) and research organisation Imec, has closed a €7m ($6m) series A round co-led by Flemish government-owned investment firm Participatiemaatschappij Vlaanderen (PMV).
Thuja Capital Healthcare Fund II co-led the round, which also included Qbic Arkiv Fund, a university venturing fund that invests in spinouts of Ghent, Brussels and Antwerp universities as well as their affiliated hospitals and research organisation Vito.
Sofi, an investment fund managed by PMV and aimed at spinouts of research institutes in Flanders, also contributed, as did Sensinnovat, Parana Management Corp, Fidimec, Manuardeo and Capricorn ICT.
Indigo is working on a needle-free glucose sensor that relies on photonics technologies. The technology is based on research conducted by Ghent University’s Photonics Research Group at the Faculty of Engineering and Architecture.
The series A money will go towards further development of the company’s technology.
Danaë Delbeke, founder and managing director of Indigo, said: “Licensing a series of new technologies from globally recognised research institutions UGent and Imec enables Indigo to enter the market with the first needle-free and calibration-free glucose sensor.
“Indigo’s product will alleviate the pressing need for accurate, low-cost diabetes management systems with an optimal user experience.”
Diane Lejeune, senior investment manager of life sciences and care at PMV, said: “Indigo’s approach enables patients to be in better control of their disease, thereby providing an answer to the ever increasing cost pressure on our healthcare system.
“An experienced syndicate of investors now complements Indigo’s dynamic team of experts and managers. I am delighted to be part of this endeavour to transform diabetic healthcare.”
