A growth-stage medical diagnostics firm, DiabetOmics has raised $4 Mn in Series C round of funding from venture capital firm Ventureast. The company will also receive additional $1 Mn in funding from entrepreneur K.I. Varaprasad Reddy, who sold his company Shantha Biotechnics Pvt. Ltd to French pharmaceutical firm Sanofi SA in 2009.
DiabetOmics engages in the non-invasive assessment and management of personalized health and diabetes risk, progression, and complications.
The funds will be utilized to advance product development, obtain regulatory approvals in EU, US and in emerging markets, set up manufacturing facility in India and begin commercialization. Besides, the company is also looking to obtain CE Mark in the second half of 2015 and commence commercialization in India and several other countries in early 2016.
Related Article: Funding Galore: Startup Fundings Of The Week [9 – 14 March]
Speaking on the development, Srinivasa Nagalla, President & CEO of DiabetOmics said, “India has earned the dubious distinction of being the diabetes capital of the world. Lack of patient compliance with regular glucose monitoring is the primary cause of diabetes-related complications. Our portable, easy-to-use device helps patients and their physicians stay informed of the status of the disease. We are extremely pleased with the investment we have received from Ventureast. We are looking to grow our presence in India to access Indian and SE-Asian markets.”
DiabetOmics Inc. was founded in 2008 and is based in Beaverton, Oregon. The company holds six patents for its core technology. Earlier, it had raised $15 Mn in two rounds from Rogue Venture Partners, Dudley Foundation and government grants.
Ventureast is a sector agnostic multi-stage VC firm with a special focus on healthcare. It focuses on investments in cleantech, food & agriculture and healthcare sectors. Previously, the venture firm had invested in OneBreath and SmartRx.