Diabeloop announced today that it raised approximately $74.9 million (€70 million) in a Series C financing round.

LBO France, a private equity player, led the financing round, while Terumo — with which Diabeloop has partnered since 2020 — also participated in the round.

Innovacom joined LBO France and Terumo as new investors, according to a news release. Previous investors CERITD, CEMAG Invest, Kreaxi, Supernova Invest, AGIR A DOM., Crédit Agricole, Odyssée Venture, UI Inventissement (Sofimac) and Promontoires all elected to reinvest, Diabeloop said, while Bpifrance and the historical bank pool support the company via debt financing.

Paris-based Diabeloop develops machine learning software for diabetes treatment. Its algorithms are integrated into easy-to-use products to facilitate chronic disease management.

The company has commercialized closed-loop solutions for personalized management for type 1 diabetes and highly unstable type 1 diabetes, connecting a continuous glucose monitor (CGM) and insulin pump for insulin therapy with the algorithms analyzing data in real-time and providing automated insulin delivery.

“Being able in 2021 to bring the benefits of our products to thousands of patients and hearing their enthusiasm, is why all of us at Diabeloop work so hard,” Diabeloop founder and CEO Erik Huneker said in the release. “The financing round announced today recognizes the team’s successes, and more importantly, the great opportunities ahead.”