Medtech startup GlucoSet raises €6M in series A

GlucoSet secured over €9M in dilutive and non-dilutive funding in the primary closing of its series A spherical, led by the Swiss Diabetes Enterprise Fund

TRONDHEIM, NORWAY, July 7, 2023/EINPresswire.com/ — Norwegian medtech startup GlucoSet raised EUR 6m in the primary closing of its series A spherical. That is following EUR 3.4m in analysis and growth grants from the European Innovation Council and the Norwegian Analysis Council final winter.

GlucoSet is creating monitoring options to be used in the intensive care unit (ICU), initially an ICU glucose monitor. The startup focuses on parameters the place steady monitoring can scale back issues and work load, and the place there aren’t acceptable options out there as we speak.

“This primary closing of the series A reduces our threat considerably, and lets us transfer quick in direction of the market whereas we’re engaged on the second closing,” says GlucoSet CEO Nicolas Elvemo.

The spherical is led by the Swiss Diabetes Enterprise Fund, which invests in diabetes-related know-how startups. The fund companions with the DCB, a worldwide heart for know-how innovation in diabetes, and first met GlucoSet when the startup participated in and received the DCB Innovation Problem in 2021.

“We’re excited to guide GlucoSet’s financing spherical. The crew, the know-how and their centered strategy to a serious unmet want is extremely compelling. We’re very happy with how the corporate has developed since we first met, and we look ahead to supporting them on the subsequent steps in their journey,” says Craig Cooper, Funding Director on the Diabetes Enterprise Fund.

A giant co-investor in the primary closing is the EIC Fund, which contributes with fairness funding following GlucoSet’s receipt of an EIC Accelerator grant final winter.

“The European Innovation Council’s grants and fairness financing have been completely vital to getting us off the bottom and in direction of the market,” says Nicolas Elvemo.

Svetoslava Georgieva, Chair of the EIC Fund Board commented that: “The EIC Fund has established itself as a robust pressure in EU deep-tech investments. This distinctive type of financing by way of EIC – combining grants and fairness – is proving itself extremely engaging to Europe’s most promising start-ups. We’re proud to help GlucoSet. This funding indicators Fund’s confidence in their potential to revolutionise glucose monitoring options.”

GlucoSet is a know-how spin-off from the Norwegian College of Science and Know-how, and has its R&D workplace in Trondheim, Norway. The most important shareholder stays Norwegian early stage fund NIK IV, managed by Televenture Administration.

The Swiss Diabetes Enterprise Fund is Europe’s first enterprise fund devoted to diabetes know-how, bringing collectively a singular constellation of companions to take a position with impression globally in distinctive startups throughout all areas of diabetes know-how. The fund leverages the facility, knowhow and networks of Serpentine Ventures, the funding arm of Swiss Ventures Group, and the DCB, to present portfolio firms distinctive help on their journey to success.

The European Innovation Council Fund from the European Fee is an agnostic fund: it invests throughout all applied sciences and verticals, and all EU nations and nations related to the Horizon Europe program. It gives the funding part of the EIC Accelerator blended finance. The EIC Fund goals to fill a vital financing hole and its important objective is to help firms in the event and commercialisation of disruptive applied sciences, bridging with and crowding in market gamers, and additional sharing threat by constructing a big community of capital suppliers and strategic companions appropriate for co-investments and follow-on funding. The Fund pays specific consideration to the empowerment and help of feminine founders in addition to the ambition to cut back the innovation divide amongst EU nations.

Nicolas Elvemo
GlucoSet AS
+47 977 89 077
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