Non-invasive glucose monitor developer RSP Systems said today it raised $5.1 million (EU €4.6 million) in a Series A funding round to support its GlucoBeam glucose monitor.
The round was led by Dr. Roland Berger, who will be joining the company as a member of its board, and the round was joined by all of the company’s present investors, RSP Systems said.
“We have made tremendous progress over the past 2 years, and our results have triggered great interest among clinicians and investors alike. We are grateful for the continued strong support by our existing shareholders and excited about the investment by Roland Berger. His entrepreneurial spirit, extensive consulting experience and global network will add great value to RSP Systems. This Series A round will allow us to boost our development efforts and take the next major steps to bring to market a non-invasive glucose monitoring solution that will provide diabetic patients, also young ones, with a pain-free, convenient alternative to today’s finger-prick based blood glucose monitoring,” founder and CTO Stefan Banke: said in a press release.
The GlucoBeam is designed as a non-invasive glucose monitor for diabetic patients, based around critical depth raman spectroscopy, the Denmark-based company said. Funds from the round will go to aid in preparation for market entry as well as reinforcing quality assurance, regulatory affairs and product and business development.
The company also announced it initiated a collaborative clinical study with the Danish Odense University Hospital, slated to run to the end of 2016 and explore the accuracy of the company’s 3rd gen prototype on an out-patient group. A 2nd study on diabetes in-patients is slated to begin in the 2nd half of 2016 in Germany.
“With the GlucoBeam, RSP Systems has developed a technology at the intersection of medicine, physics and engineering that will improve the life of millions of diabetic patients. Additional applications of the company’s technology could well make RSP Systems a key player in the non-invasive diagnostics and body sensor industry in the future. I am very proud to support a venture that shapes diabetes diagnostics, improves the life of patients and is at the forefront of continuing the long-term trend towards ever less invasive diagnostic and therapeutical technologies,” Berger said in prepared remarks.