Indigo raises 38 million euros for 'invisible' diabetes glucose sensor

Medical device company Indigo Diabetes has raised 38 million euros to develop an “invisible” sensor for people with diabetes, which could provide an alternative to the “patch” based monitors currently on the market.

The new investment round will enable Indigo to prepare and start up the clinical study phase for the device.

Indigo hopes that the device could one day be an alternative to the continuous glucose monitoring devices that usually sit on the skin with a visible patch.

Indigo’s device is a small sensor chip designed to be inserted underneath the skin and continuously measure glucose and ketones in people with diabetes.

The Belgian company says the chip is the first of its kind in the world, enabling the faster detection of life-threatening situations by both the users and their healthcare providers.

At the same time, the invisible sensor aims to give patients a substantially improved quality of life.

The funding round was led by Fund+, with the participation of Ackermans & van Haaren, imec.xpand, Capricorn Digital Growth Fund, QBICII, Titan Baratto.

The company received support from the investors of a Series A capital round, led by Thuja Capital Healthcare Fund II, PMV and Sensinnovat.

The funding will also drive further expansion of the company, which now has 25 employees. With the Series A round, Indigo Diabetes has raised over more than €45 million since 2016.

Initial investors Powergraph, Qbic Arkiv Fund, Fidimec, Manuardeo and Capricorn ICT Arkiv, also reinvested in the Series B capital round.

Indigo was founded by Belgian entrepreneur CEO Danaë Delbeke in 2016, who has also founded five companies based around photonics.

Photonic chip technology uses light instead of electricity, consuming relatively little power in the process.

Delbeke said: “It is our ambition to give people with diabetes control over their own lives again. By using nanophotonics – a spectrometer in miniature form – our sensor will allow us to measure glucose and other biomarkers or metabolites such as ketones accurately and continuously.

“Unlike the continuous glucose monitoring systems (CGMs) on the market today, our sensor will be invisible. The sensor will sit underneath and not on the skin. Diabetes therefore will no longer need to be visible.”