Most diabetes patients determine their blood glucose level with an outdated, decades-old procedure: prick a finger, put a drop of blood on a test strip, and place the test strip in a glucometer that shows the blood sugar level.
Medtech startup DiaMonTech has developed a medical device that non-invasively measures your blood glucose without finger pricking, a drop of blood, or a test strip. Simply relax your fingertip on the sensor, and your blood glucose level will be displayed within 5-15 seconds.
The startup, founded 2015, has raised a €7 million Series A financing round. The lead investor for this growth financing is Bioventure, an investor specialised in biotech and life sciences, with participation from two family offices and existing shareholders including IBB Beteiligungsgesellschaft.
DiaMonTech’s patented technology enables non-invasive blood glucose measurement using a laser-based diagnostic procedure. The blood glucose level can be measured precisely and painlessly without the need for a drop of blood. DiaMonTech’s first product – the ‘DMT Base’ – recently received CE certification as a medical device. The device is currently optimised for the use in professional environments (e.g. diabetes centers). The smaller ‘DMT Pocket’ is currently in development. This product is supposed to have the size of a smartphone and could therefore become a constant accompaniment for diabetes patients.
DiaMonTech intends to use the new financing to further develop and optimise its non-invasive blood glucose monitoring technologies.
“With Bioventure we have gained a prominent life sciences investor with an excellent network,” said Thorsten Lubinski, co-founder and CEO of DiaMonTech. “Their commitment confirms that we are on the right track. Our goal is to allow diabetes patients to measure their blood glucose continuously and painlessly with a wristband. The new capital will enable us to drive our groundbreaking diagnostic technology even faster.”
“DiaMonTech is developing an innovative and very convincing solution for diabetes patients worldwide with non-invasive blood glucose monitoring,” said Dr Erik Hoppe, Managing Partner of Bioventure. “It offers the opportunity to significantly improve the quality of life of those affected. We anticipate an outstanding market potential. In Germany alone, about 7.2 million people are currently affected by diabetes.”