Cellnovo, a London, UK-based developer of a mobile diabetes management system, raised £30m (approximately $48.4m) in a Series B round of funding.
The round was led by Edmond de Rothschild Investment Partners, with participation from Forbion Capital Partners, Auriga Partners, NBGI Ventures and Credit Agricole Private Equity. They joined Series A investors Advent Venture Partners, HealthCare Ventures and NESTA.
The company intends to use the funds to commercialize its system and expand to markets worldwide.
Led by CEO Bill McKeon, Cellnovo has developed a mobile-connected, disease management approach to diabetes that is designed to remove the burden of keeping journals and allow healthcare professionals to have a real-time view of information.
The system provides intuitive operation, wireless Internet connectivity and real-time activity tracking. It includes a mobile connected micropump, mobile touchscreen controller, blood glucose meter and applications.