RSP Systems, a spinout of University of Southern Denmark, has extended its series B round to $12.1m following a $4.5m extension backed by Trumpf Venture.
RSP Systems, a Denmark-based diabetes monitoring device manufacturer spun out of University of Southern Denmark, has extended its series B round to $12.1m following a $4.5m extension backed by Trumpf Venture, the investment arm of machine tools supplier Trumpf.
The extension also includes funding from unspecified new and existing investors.
RSP Systems had raised $7.6m in an initial series B close in June 2018 backed by private investors including Jürgen Hambrecht, Roland Berger and its chief executive Andreas Jenne, unspecified family offices and all its unnamed, existing investors.
Founded in 2006, RSP Systems has devised a compact human diagnostics device called GlucoBeam that can be used to monitor a diabetes patient’s glucose levels, a key indicator of whether their insulin response is operating correctly.
The device uses a scientific technique called Raman spectroscopy that relies on shifts in monochromatic light caused by inelastic scattering to discern vibrational and rotational movement within the system.
The series B cash will be used to sustain clinical trials as RSP Systems readies its technology to attain regulatory approval ahead of a planned market launch in Europe.
RSP Systems had reportedly raised a total of $27.4m in equity and grant funding prior to the second series B close.
The company last received $5m in a 2016 series A round led by Berger and backed by its existing investment consortium. It had previously obtained $2.5m in a 2006 seed round with participation from unnamed investors.
