Medical technology company LabStyle Innovations has closed a $2.5m funding round; to be put towards facilitating a global roll-out of its flagship diabetes monitoring product Dario Diabetes Management Solution.
Investors include company officers, employees, friends & family. Participating high net worth private investors include current shareholders and a new investment by Shmuel Farhi.
The Dario product is a mobile, cloud-based diabetes management solution that includes software applications combined with a blood glucose monitoring device.
LabStyle Innovations is based in Israel and the funding comes at a time when it is looking to launch its products commercially in the US. Dario was recently launched in Canada, where chief investor Shmuel Farhi is based.
Farhi said he was attracted to the business as LabStyle “has the ability to transform the treatment of disease through mobile solutions”.
“Both mHealth and the diabetes monitoring and treatment markets are multi-billion dollar industries that will continue to grow in nearly every global market,” he continued. “We believe LabStyle has the right technology and management team to execute on a huge opportunity.”
LabStyle chairman and CEO Erez Raphael added that Farhi was “a major contributor in this round of funding”.
“LabStyle benefits from the support of investors like Mr. Farhi, as well as our other shareholders who have displayed their loyalty to the Company by making repeat investments in this and prior rounds of funding,” he said.
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