Transdermal Diagnostics (TD), a Bristol-based MedTech spin-out company, has raised £1.1 million to develop the world’s first 100% needle-free blood sugar monitor. The investment will enable the establishment of a state-of-the-art laboratory facility and help accelerate the technical and commercial development of TD’s proprietary technology.
The pre-seed round was financed by an £800K 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.
Additional to the round was funding of almost £300K from Innovate UK award. Together, this award combined with the venture funding round, represents a solid endorsement of the science underpinning TD’s technology and its potential for commercial success.
TD has developed a wearable smart-patch for non-invasive and real-time monitoring of health biomarkers. The technology uses an array of miniaturised biosensors to sample, via preferential pathways, the fluid bathing the living cells of the skin and quantitatively measure vital health biomarkers, including sugar, at levels which are very similar to those in the blood. This means the technology can be used to measure blood sugar without puncturing the skin.
Dr Luca Lipani, CEO and founder of Transdermal Diagnostics, views the University of Bath spin-out as a leader in the wearable devices revolution. Luca commented: “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 revolutionize the prevention, diagnosis and management of chronic conditions, starting with diabetes.”
Dr Adelina Ilie, chief scientific officer of the company, says: “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.”
Dr Glenn Crocker MBE, executive director at Pioneer Group, says: “We got to know TD through participation on our LAUNCH programme, backed by Innovate UK, and were impressed by both the team and the technology, which has the potential to be transformative. In the UK alone, 15 million people suffer from long-term, chronic diseases meaning Transdermal Diagnostic’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.”
Transdermal Diagnostics is a member of Spin Up Science Ventures accelerator program. Transdermal Diagnostics’ growth, and its regulatory and commercial plans, have been further catalysed by taking part in the Pioneer LAUNCH programme and SETsquared Scale-up programme, the award of the Health Technology Regulatory and Innovation Programme and the Innovation to Commercialisation of University Research (ICURe) programme, and support from the Academic Health Science Networks (AHSN).
