DiaMonTech GmbH, a young and innovative medical technology company, has successfully completed its Series A financing round. The company will receive a total of more than 7 million euros. The lead investor for this growth financing is Bioventure, an investor specialized in biotech and life science. In addition, DiaMonTech has gained two family offices as new investors. Existing shareholders - such as IBB Beteiligungsgesellschaft via its fund "VC Fonds Technologie Berlin" - also participated in the financing round.
DiaMonTech's goal is to provide diabetes patients worldwide with a groundbreaking technology for measuring blood glucose levels. The 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 optimized 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 proceeds from this financing round to further develop and optimize its non-invasive blood glucose monitoring technologies.
Thorsten Lubinski, co-founder and CEO of DiaMonTech GmbH: "With Bioventure we have gained a prominent life sciences investor with an excellent network. 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."
Dr. Erik Hoppe, Managing Partner of Bioventure: "DiaMonTech is developing an innovative and very convincing solution for diabetes patients worldwide with non-invasive blood glucose monitoring. 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".
To date, most diabetes patients still use the same method as they did thirty years ago - with a needle and test strips. Similar to a finger print sensor on a modern mobile phone, one can put ones finger on the sensor of the DiaMonTech device and after a few brief seconds it displays ones blood glucose level.
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.