DiaMonTech announced today that it raised $5 million to bring its total funding to more than $20 million to date.
Berlin, Germany-based DiaMonTech develops a patented, mid-infrared technology platform designed to enable non-invasive blood glucose measurement using pain-free laser-based detection. The platform has ease of use comparable to the fingerprint sensor on a smartphone, according to the company.
The company aims for the platform to allow for managing blood glucose levels without finger pricking, needles and test strips.
According to a news release, the company expects to use the new funds to accelerate its product development and enable its international expansion to the U.S. with growing interest in its first portable product, the “D-Pocket.”
Samsung Ventures, along with a global medtech company, joined as strategic partners, which DiaMonTech said reaffirms its ambition to make waves in non-invasive diabetes management.
“We are delighted to welcome Samsung Ventures as strategic partner to this financing round along with Unorthodox Ventures, Golden Light and the existing shareholders around IBB Ventures,” DiaMonTech CEO Thorsten Lubinski said in the release.”Our investors have backed a wave of revolutionary tech companies. Their commitment to DiaMonTech is a vote of confidence in our team and technology.”