High-tech medical device company Indigo Diabetes has raised €38m in Series B financing round to support the development of its ‘invisible’ continuous glucose monitoring device for diabetes.

The financing round was led by Fund+ with participation from Ackermans & van Haaren, imec.xpand, Capricorn Digital Growth Fund, QBICII, Titan Baratto and existing Series A investors.

Following the round, Fund+ partner Jan Van den Bossche will join Indigo’s board.

Indigo has developed a small chip, using nanophotonics to measure glucose and ketones in diabetes patients. The product is designed to be inserted subcutaneously in the patient’s skin and cannot be seen.

The device can continuously monitor glucose levels for up to two years and enables both the patient and their healthcare provider to quickly identify life-threatening situations.

Furthermore, it enables better management of the diabetic condition and offers patients a substantially improved quality of life.

Indigo founder and CEO Danaë Delbeke said: “We are very pleased to welcome Fund+ to Indigo. Its investment is a validation of our innovative approach to developing an ‘invisible’ sensor, which has the potential to give people with diabetes control over their own lives.

“By using nanophotonics – a spectrometer in miniature form – our sensor allows the measurement of glucose and other biomarkers or metabolites such as ketones accurately and continuously. This financing will enable us to accelerate the development of our sensor into clinical development.”

Commenting on the new development, Jan Van den Bossche said: “We have been impressed by Indigo’s world-class team and innovative approach.

“They have applied ground-breaking photonics technologies at miniature scale to develop an innovative product for diabetics around the world. This product has the potential to provide easier, continuous monitoring and provide a better quality of life to millions of people.”