Cellnovo market push boosted by £30 million

Biomedical device company Cellnovo, which is developing a mobile diabetes management system, is one step closer to taking its product to market after securing £30 million in a fundraising.

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.

Todd Cardy

Todd Cardy

Todd was Editor of GrowthBusiness.co.uk between 2010 and 2011 as well as being responsible for publishing our digital and printed magazines focusing on private equity and venture capital.

Related Topics