Mendor, a Helsinki, Finland-based company that designs, develops and markets innovative diabetes care products and services, raised € 8.1m in Series B venture capital financing.
The round was led by the Finnish entrepreneur and investor Risto Siilasmaa, with participation from Life Sciences Partners, Finnish Industry Investment Ltd, Finnish Mutual Pension Insurance Company Ilmarinen, Biothom and the Finnvera Venture Capital.
The company intends to use the funds to expand globally.
Mendor’s first product is the blood glucose meter Discreet™, which contains and integrates all the necessary components for daily blood glucose measurements: meter, strips and lancing device. It is supported by a web-based software, Mendor Balance™, that allows diabetes patients to take control of their condition by providing a thorough analysis of their treatment. Pair measurements before and after meals and sleep help to determine problem areas and means that patients are able to manage their diabetes more effectively.
In conjunction with the funding, Anne Portwich, PhD (Partner at Life Sciences Partners) will join the board of directors of Mendor.
Founded in 2006, the company is led by CEO and Co-Founder Kristian Ranta.