Netherlands-based medical device company, ViCentra, on Thursday said it has closed Series C financing of €65M led by new investor Partners in Equity BV. The round also saw participation from existing investors LSP, INKEF Capital and Health Innovations.
Fund utilisation
The new funding will help ViCentra accelerate the commercial launch of Kaleido, the world’s smallest and lightest wearable insulin pump. The company also plans to scale its manufacturing operations and prepare for FDA filing. “The commercial launch of the Kaleido system will focus on the Netherlands, France, Germany and the UK, with additional regions targeted in due course,” Frans Cromme, CEO of ViCentra, said.
The announcement also marks the launch of the next generation of ViCentra’s Kaleido system, which fits Diabeloop’s advanced closed-loop automation insulin delivery (AID) solution, the DBLG1 system. By integrating its solution with Diabeloop, Kaleido will be available to operate with the DBLG1 handset and proprietary algorithm.
The funding will help ViCentra realise its vision of creating a product with a closed-loop system and to expand its product to new EU markets. The collaboration with Diabeloop will bring the first AID system with a wearable pump to Europe. This system combines the world’s smallest pump with the advanced dosing algorithm and intuitive user interface designed by Diabeloop.
“The system is simple and easy to use, bringing a significant improvement in quality of life to people with type 1 Diabetes. This is in line with ViCentra’s philosophy to design brilliantly engineered healthcare products that truly put people first. We don’t design for patients – we design for people,” Frans Cromme added.
ViCentra: What you need to know
The WHO estimates that there are about 422 million people with diabetes across the globe. As the global population ages, the WHO expects that number to grow and ViCentra sees technology as the way to tackle this situation and provide a better life to those suffering from diabetes. Based in Utrecht, Netherlands, ViCentra is the maker of the world’s smallest and lightest wearable insulin pump called Kaleido.
It was started in 2013 by two engineers with backgrounds in insulin pumping and close links to people with diabetes. They realised how existing pumping options were rigid and did not consider how each person with diabetes is different in terms of tastes and needs. So, they got to work and designed Kaleido as a simple, user-friendly insulin pump.
The Kaleido system consists of two pumps and one handset that looks like the iPod Nano. It has pump and body patches and two different lengths of tubing to allow users to choose how to wear it. With its 10 rainbow-spanning colours, ViCentra makes its insulin pumping device more of an accessory than a medical device.
ViCentra also collaborates with other organisations like Diabeloop and JDRF to devise ideas and make things better for those suffering from Type 1 diabetes. In a nutshell, ViCentra is a collaborative healthcare company focused on building an insulin pump therapy designed to help those with diabetes live their life on their own terms.
Investors
The funding round was led by Partners in Equity, an Amsterdam based privately owned investment firm. Partners in Equity was founded in 2003 with the goal to partner with those who push boundaries. With investment in sectors such as Agrifood, Education and Healthcare, Partners in Equity looks for companies with a holistic view of an industry and those seeking to fulfil one or more of United Nations Sustainable Development Goals (SDGs).
Partners in Equity was joined by existing investors LSP, INKEF Capital and Health Innovations. ViCentra is also backed by Invest-NL and Kreos Capital. The highly experienced team of investors will help ViCentra scale its manufacturing and commercialise its insulin pumping system while also helping with regulatory approval.
