Edmond de Rothschild Investment Partners, Forbion Capital Partners, Auriga Partners, NBGI Ventures and Credit Agricole Private Equity became new investors in the London-based business through the Series B financing round. Series A investors include Advent Venture Partners, HealthCare Ventures and NESTA.

Founded in 2002, the company has developed a system that enables people with diabetes to more efficiently manage therapy by using a wireless touchscreen device. The technology also provides patients, their families and healthcare professionals real-time access to management information.

Cellnovo chief executive officer Bill McKeon remarks that the finance will allow the business to develop the product for the commercial market and embark on an international growth strategy.