Indigo Diabetes raised €38 million in Series B funding led by Fund+

Indigo Diabetes, a Gent, Belgium-based producer of medical solutions using nanophotonics, closed a €38 million ($43.4M) Series B funding round.

The round was led by Fund+, with the participation of Ackermans & van Haaren, imec.xpand, Capricorn Digital Growth Fund, QBICII, Titan Baratto as well as Series A investors, including Capricorn ICT Arkiv.

The money will be used to further develop the company's ‘Multi-Biomarker Sensor’ for people with diabetes.

Indigo Diabetes, founded in 2016 by CEO Danaë Delbeke, is a developer of a small sensor chip designed to be inserted underneath the skin, where it continuously measures glucose and ketones. In addition to detecting life-threatening situations more quickly, the Indigo team believes its ‘invisible’ implanted sensor can improve the general quality of life for diabetes patients.

Prior to this round, Indigo raised €7 million in Series A in 2016.