Prediktor Medical AS has raised NOK 18 million from Norwegian investors and from Hybio

Prediktor Medical AS, a Gamle Fredrikstad, Norway-based company working on a wearable for blood glucose monitoring, announced raising NOK 18M ($2.4M) in a private placement directed towards Norwegian investors and the industrial player Hybio Pharamaceutical Co. Ltd.

Moreover, Hybio Pharamaceutical has undertaken to invest an additional NOK 39.5 million in two future rights issues conditional on Prediktor Medical achieving certain milestones.

Prediktor Medical, founded in 2013 and led by CEO Espen Krogh, develops a unique sensor for painless, non-invasive continuous blood glucose monitoring in diabetes patients. The product looks like a wristwatch with optical and electrical sensors and is controlled by very advanced electronics and mathematical algorithms. The founder, Professor Steinar Sælid, points to the combination of sensors, algorithms and mathematics as the unique aspect of the company’s approach.

Prediktor Medical is a partially-owned subsidiary of the Prediktor Group AS, a group of jointly owned companieswith activities such as development and delivery of software for optimization of industrial production in the field of solar energy and oil & gas, as well as instrumentation for continuous measurement of quality parameters by using the near infrared spectroscopy.