A University of Bath spin-out has secured £1.1m to develop technology it believes could “revolutionise” the treatment of diabetes.
Transdermal Diagnostics (TD) is working towards commercialising a wearable “smart-patch” which it says could be the first completely needle-free blood sugar monitor.
The device is designed to use miniaturised biosensors to sample fluid bathing the living cells of skin. TD says the contraption then measures vital health biomarkers, including sugar, at levels which are very similar to those in blood - without the need to puncture the skin.
The company said the funding it had generated would enable it to establish a state-of-the-art laboratory facility and help accelerate the technical and commercial development of its tech.
The company’s chief executive and founder, Dr Luca Lipani, said: “We are excited to have on board investors with a deep understanding of the transformative potential of Transdermal Diagnostics' technology platform. Those funds will get us closer to our mission to revolutionise the prevention, diagnosis and management of chronic conditions, starting with diabetes.”
Chief scientific officer Dr Adelina Ilie added: “The technology required a truly interdisciplinary approach, and was only made possible by the latest advances across multiple fields, such as advanced nanomaterials, nano- and bio-technology, and machine learning-driven data analysis. Scalable methods able to deliver a device like ours on a flexible platform were also essential.”
The pre-seed round was financed by a £800,000 equity investment, which was led by QUBIS, an innovation fund focused on spin-out companies, and includes the venture capital arm of Nottingham-based Pioneer Group, the UK’s largest developer and operator of lab space.
Immetric, a fund specialising in growing IP-based, high potential life science ventures also took part, alongside Angel networks Bristol Private Equity Club and Science Angel Syndicate.
TD was also awarded around £300,000 by government innovation agency Innovate UK award.
Dr Glenn Crocker, executive director at Pioneer Group, said: “In the UK alone, 15 million people suffer from long-term, chronic diseases meaning TD’s technology has huge real-world applications and commercialisation potential. Looking ahead, Pioneer Group will work closely with the company to help scale and commercialise the technology on offer by plugging the company into an ecosystem has supported over 200 entrepreneurs and backed 38 start-ups.”
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