
Indigo Diabetes Bags €38 Million in Series B Round of Financing
Indigo Diabetes has developed a small chip using nanophotonics designed to measure glucose and ketones in people with diabetes.
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CIO Applications Europe | Tuesday, August 04, 2020

Indigo Diabetes has developed a small chip using nanophotonics designed to measure glucose and ketones in people with diabetes.
FREMONT, CA: Indigo Diabetes, a Belgian medtech company that develops medical solutions using nanophotonics, raised €38 million Series B funding round to further develop its promising Multi-Biomarker Sensor for people with diabetes. The funding round was led by Fund+, with the participation of Ackermans& van Haaren, imec.xpand, Capricorn Digital Growth Fund, QBICII, Titan Baratto, and the Series A investors.
The new investment round will enable Indigo Diabetes to prepare and start up the clinical study phase. The small sensor chip is designed to be inserted underneath the skin and continuously measure glucose and ketones in people with diabetes. The latter is a worldwide first and aims at enabling the faster detection of life-threatening situations by both the users and their healthcare providers. At the same time, the invisible sensor strives to afford patients a substantially improved quality of life.
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“It is our ambition to give people with diabetes control over their own lives again. By using nanophotonics – a spectrometer in miniature form – our sensor will allow to measure glucose and other biomarkers or metabolites such as ketones accurately and continuously. Unlike the Continuous Glucose Monitoring systems (CGMs) on the market today, our sensor will be invisible. The sensor will sit underneath and not on the skin. Diabetes therefore will no longer need to be visible,” says CEO DanaëDelbeke.
The funding will also drive further expansion of the company, which now has twenty-five employees. With the Series A round, Indigo Diabetes has raised over more than €45 million since 2016.
“We have been impressed by Indigo’s world class team and innovative approach. They have applied ground-breaking photonics technologies at miniature scale to develop an innovative product for people with diabetes around the world. This product has the potential to provide easier, continuous monitoring and provide a better quality of life to millions of people,” says Jan Van den Bossche, Partner at Fund+.
The company received strong support from the investors of the Series A capital round, led by Thuja Capital Healthcare Fund II, PMV, and Sensinnovat, with the participation of Powergraph, QbicArkiv Fund, Fidimec, Manuardeo, and Capricorn ICT Arkiv, as they all reinvested in the Series B capital round.
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