Startup uses advanced spectroscopy in continuous glucose monitor that calibrates to users using only light.
Swiss personalized health monitoring startup Spiden has secured an oversubscribed $15 million convertible note funding round after making a “breakthrough” in non-invasive glucose sensing. The company, which is focused on non-invasive biomarker monitoring technology, is developing a wearable continuous glucose monitoring (CGM) system that measures blood sugar levels using only light.
Spiden says its latest glucose measurement data comparing its non-invasive portable device with the invasive gold-standard has achieved a Mean Absolute Relative Difference (MARD) of 9%. A measure used to assess the accuracy of CGM technologies, devices with a MARD lower than 10% are generally considered to perform well.
The company, which is using advanced spectroscopy techniques in its portable CGM device, is now finalizing the design of a wearable version that can automatically calibrate to users without any needle involved.
“This accomplishment reinforces our commitment to launching our own glucose monitoring wearable by the end of 2025, followed by expanding to additional biomarkers,” said Leo Grünstein CEO of Spiden. “We aim to help customers around the world take control of their health through non-invasive access to real-time biomarker data and actionable, evidence-based insights to improve their well-being and longevity.”
The new funding, which surpassed Spiden’s initial target of $10 million, was raised from both existing and new investors, and brings the total funding raised by the company to more than $40 million. Spiden will use the funds to finalize the research and development phase for its CGM, focusing on achieving complete calibration-free monitoring and miniaturizing its technology into a wearable format.
The company is currently conducting testing at diabetes centers in multiple countries, and plans to raise a “larger” funding round in the second half of 2024 to support the launch of the CGM product next year.
To bolster its capabilities in design and product development, Spiden has made several executive appointments, including former Apple and Tesla creative director Chester Chipperfield, who joins as Chief Design Officer. Ismene Grohmann, who worked on Abbott’s CGM products, assumes the role of Chief Product Officer, and Professor Fernando Perez-Cruz, formerly Chief Data Scientist at the Swiss Data Science Center, joins as Head of Machine Learning Research & AI.