Cellnovo, developer of the first mobile diabetes management system, has announced that it raised £30 million ($48.4 million) in a Series B financing round led by Edmond de Rothschild Investment Partners (EdRIP), with Forbion Capital Partners; Auriga Partners; NBGI Ventures and Credit Agricole Private Equity joining Series A investors Advent Venture Partners, HealthCare Ventures and NESTA in the round.
Based in London, Cellnovo will use the funds to commercialize its system and expand to markets around the world The Cellnovo system, developed in-house, is unique in several ways including: the accuracy and size of the pump's technology, as well as the touch-screen, mobile-connected device that provides healthcare professionals and families immediate access to a myriad of information.
"Cellnovo is revolutionizing the way diabetes patients manage their disease," said Edmond de Rothschild Investment Partners, Partner, Raphael Wisniewski. "We look forward to working with this exceptional management team in this first investment of EdRIP in a UK company."
"We thoroughly examined the diabetes field and believe that Cellnovo's approach to disease management is disruptive and will enable the company to soon leverage their tremendous market opportunity said Bart Bergstein, Managing Partner, Forbion Capital Partners.
The Cellnovo system's advanced micropump technology enables people with diabetes to more efficiently manage their life-saving therapies while benefiting from greater personalization and portability. This mobile-connected, disease management approach to diabetes removes the burden of keeping journals and pushes information to healthcare professionals so they always have a real-time view of this information.
"We are honored that this extraordinary team of investors has demonstrated tremendous confidence in our system and our efforts," said Bill McKeon, Chief Executive Officer of Cellnovo. "This partnership will allow Cellnovo to advance diabetes management and improve the lives of diabetics around the world."