Insulclock is preparing to open its first financing round. The Spanish company, specialized in the treatment against diabetes, has started a financing round of $5.8 million (€5 million), as explained by Suso Pérez, responsible for research and marketing of the company.
The company seeks to attract the interest of national and international funds. The economic boost it receives will serve to complete the national marketing of its device and begin internationalization, continue the second phase of technological development and continue with the development of products to improve the quality of life of people with chronic diseases, according to Pérez.
Insulclock is an integral system that helps to improve the quality of life of people with diabetes and reduces the costs associated with this pathology “helping to improve and efficient management by healthcare teams,” according to the company’s head of research.
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So far, Insulclock has been financed with its own resources and subsidies from Europe
José Luis López, CEO and co-founder of Insulclock, with type 1 diabetes for more than 21 years, founded the company in 2014 to provide a solution to a real problem for patients with diabetes: the need for a complete and global system that improves self-management and adherence to treatment for users.
During all this time, Lopez and his team, which currently consists of more than twenty people, have developed a telemonitoring and telemedicine system. This ranges from the automation of insulin data for insulin-dependent patients and self-monitoring of patients on oral medication to the integration of all health data available on the market into the patient’s clinical history in public and private health systems.
The work team is distributed between Galicia, Basque Country and Madrid, being a 100% national capital company and with most of the partners working within it. Suso Pérez assures that the majority of the capital is distributed among the founding team. For the Insulclock team, people with diabetes generate a lot of clinical information on a daily basis: glucose, physical activity, food intake and adherence to treatment, among other data. “In this way, the need arises to put order, not only in the generation of clinical information for self-management of diabetes, but also in the integration of this information automatically into the clinical history of each patient,” the company explains.
The Spanish company is thus opening its first round of financing, since until now it has been able to meet all the investment in research and development (R&D) through the contribution of the partners. Even so, the company has obtained aid from the European Commission through Horizon 2020. “We want to continue contributing to national and international clinical research, as we have already done with different clinical trials in which we have participated on an international scale,” Pérez points out.
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First published in PlantaDoce, a third-party contributor translated and adapted the article from the original. In case of discrepancy, the original will prevail.
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