February 9, 2011
Edmond de Rothschild Investement Partners leads $48.4 million in venture capital investment for Cellnovo
The UK-based developer of the first mobile diabetes management system, Cellnovo has raised $48.4 million in a Series B financing round. This round was led by Edmond de Rothschild Investment Partners but Forbion Capital Partners, Auriga Partners, NBGI Venture and Credit Agricole Private equity also participated in this round. The existing investors Advent Venture Partners, HealthCare Ventures and NESTA showed their confidence in the future of the company by participating also in this round.
What Cellnovo is trying to do is a micro-pump technology that should help people with diabetes manage the life-saving therapies they are under. Additional benefits are personalization and portability. The investors think the company is revolutionizing the way diabetes patients manage their disease and that there is a tremendous market opportunity. The insulin pump the company produces is equipped with a wireless touch-screen where vital information like the level of blood glucose can be watched.
Bill McKeon, the CEO is very confident in the success of the product and in the possibility of changing the lives of diabetics for the better and honored that so many investors showed confidence in his business. The funds will be used to commercialize the system and reach markets worldwide.