DiaMonTech attracts $5 million from Samsung Ventures and U.S.-based venture capitalists to bring its new non-invasive glucose monitor to the U.S.
- Total funding for DiaMonTech is now more than $20 million
- The new investors — Samsung Ventures, U.S.-based Unorthodox Ventures, Germany-based Golden Light, and a global medical technology company — join the existing participating investors around IBB Ventures
- The additional funding will support DiaMonTech to expedite miniaturization of its existing device and finance expansion to the U.S.
BERLIN — Feb. 17, 2022 — DiaMonTech, an award-winning medical technology start-up pioneering non-invasive blood glucose measurements, today announced a $5 million investment round, bringing its total funding to over $20 million. Adding Samsung Ventures and a global medical technology company as strategic partners reaffirms DiaMonTech’s ambition to revolutionize non- invasive diabetes management.
DiaMonTech’s goal is to globally provide people living with diabetes with a ground-breaking technology for managing blood glucose levels without finger pricking, needles and test strips. The patented mid-infrared technology enables non-invasive blood glucose measurement using a pain-free laser-based detection that is as easy to use as the fingerprint sensor on a smartphone.
The new funds will accelerate DiaMonTech’s product development and enable its international expansion to the U.S. taking advantage of growing interest in the company’s first portable product — the “D-Pocket.”
“We are delighted to welcome Samsung Ventures as strategic partner to this financing round along with Unorthodox Ventures, Golden Light and the existing shareholders around IBB Ventures. Our investors have backed a wave of revolutionary tech companies. Their commitment to DiaMonTech is a vote of confidence in our team and technology,” said Thorsten Lubinski, CEO of DiaMonTech.
“Samsung Venture Investment’s mission is to accelerate the discovery and development of new businesses and technologies including Digital Health. We are excited to invest in DiaMonTech, a pioneer in non-invasive health monitoring,” the Samsung Ventures Investment Director said.
“We are very happy with the progress made by DiaMonTech in the last years and are getting closer and closer to a commercial product. The new funding and the new strategic investors enable DiaMonTech to become a global player in diabetes,” said Christian Seegers, Senior Investment Manager at IBB Ventures.
“Diabetes is a major problem globally. At Unorthodox Ventures, we are interested in technologies that help people manage their health without medications. We are delighted to partner with DiaMonTech, which has developed this impressive innovation for people to more proactively manage their diabetes and overall health,” said Carey Smith, Founding Contrarian of Unorthodox Ventures.
Founded in Berlin, Germany, in 2015, DiaMonTech is a medical technology company committed to improving health outcomes for people with diabetes and empowering them to take control of their lifelong health. Its pioneered and patented non-invasive “no prick” photothermal detection technology is fast and painless and doesn’t require needles or test strips. An industry first, DiaMonTech monitors the actual glucose molecules in skin, providing users with a more comprehensive and accurate reading comparable to invasive commercial devices. DiaMonTech achieved 99.1% accuracy in a test study with 100 people studied, received the CE mark as a medical device in April 2019 and is currently under FDA review. To support its mission, DiaMonTech is led by a world-class team of scientists, researchers and healthcare experts.
More information about DiaMonTech can be found at www.diamontech.de.