Diabeloop Secures €31 Million in Series B Funding to Accelerate Commercialization of Its Type 1 Diabetes Management System

VCBeat (WeChat ID: vcbeat) learned from foreign media reports that on December 4, 2019, Diabeloop, a startup headquartered in Grenoble, France, announced the completion of a €31 million Series B financing round. The round was led by Cemag Invest, with participation from ADAG, Odyssée Venture, Supernova Invest, and Air Liquide Venture Capital.

This round of financing will be used by Diabeloop to accelerate the commercial rollout of its Type 1 diabetes management system. Meanwhile, Diabeloop will submit an application for FDA clearance for its product, which has already received the CE mark.

Diabeloop, established in 2015, is a French company specializing in the research and development of medical devices for diabetes. Diabeloop has developed disruptive innovative technologies for diabetes treatment, committed to improving the lives of patients with diabetes.

The DBLG1 (Diabeloop Generation 1) system is Diabeloop’s hybrid closed-loop system for the treatment of type 1 diabetes. By connecting a continuous glucose monitor, a patch insulin pump, and a smartphone hosting the company’s proprietary algorithm, the system transmits glucose measurements to the smartphone via Bluetooth every five minutes. Physicians can determine the appropriate insulin dosage for patients by analyzing data generated by Diabeloop’s algorithm alongside other relevant patient information. Diabeloop describes the system as “a nearly fully automated treatment system for type 1 diabetes.”

Erik Huneker, Founder and Co-CEO of Diabeloop, stated, “The algorithms developed by Diabeloop adapt to each individual’s physiological conditions and lifestyle, meaning that glucose trend prediction and insulin delivery are both customizable.”

Earlier this year, a study funded by Diabeloop and the French Innovation Fund, focusing on patients with type 1 diabetes, was published in The Lancet Digital Health. The study found that the DBLG1 system improved glycemic control compared to sensor-augmented insulin pumps. However, the world’s most renowned automated diabetes management system is Medtronic’s 670G, while MiniMed was the first hybrid closed-loop system approved by the FDA in 2016 for patients with type 1 diabetes.

Regarding this financing round, Marc Julien, Co-CEO of Diabeloop, stated: “The ability to bring together new investors and existing supporters in our Series B funding round is a testament to investors’ confidence in Diabeloop’s capabilities. New investors, led by Cemag Invest, are particularly interested in creating value for patients, enabling us to launch an unprecedented fundraising campaign in the field of AI-driven therapeutics. It is fair to say that Diabeloop is now on track for international deployment, which will allow our devices to reach as many patients as possible.”

Supernova Invest is a French venture capital fund management company. Since 1999, it has funded and supported more than 100 startups in specialized fields, with key investment areas including life sciences, energy and the environment, industry, microelectronics, and digital technologies.

(Compiled by Wang Fang)