Probe Scientific, a UK-based developer of blood glucose measurement devices, has raised in VC funding. Catapult Venture Managers led the round, and was joined by the National Endowment for Science Technology and the Arts.
Probe Scientific, the i-lab based developer of medical devices has announced the completion of a £1m funding round led by Catapult Venture Managers and supported by NESTA, (National Endowment for Science Technology and the Arts) and existing shareholders and directors.
Bedfordshire-based Probe, which is to open an office in the West Midlands later this year, has made considerable progress with the development of MicroEye®, a revolutionary device developed to enable continuous blood sampling without removing whole blood.
Probe CEO Neil Smith commented: “The funds will allow us to move forward quickly and to integrate our device with other ICU data and display systems. At the same time we will be able to develop new applications including opportunities in Drug Development, Sports Medicine and Neonatal Care.”
Probe’s first market for MicroEye®, the critical care market for blood glucose measurement, is well documented and Probe’s developments will mean that the long awaited goal of continuous glucose measurement in Intensive Care can become a reality.
Ray Harris, Investment Director with Catapult, added: “As part of the investment process we have introduced Alan Barrell – ex Baxter Healthcare – as a Non-Executive Director; and David George as Chairman. David has extensive experience of the medical products arena and his input should be invaluable.
“The funding will enable the company to finalise development of the product and drive the product to market, as well as negotiating licensing deals.”
Managing Director of NESTA Investments, David Hunter, said: “MicroEye will revolutionise treatment for patients who depend on blood glucose measurement so that it will be faster, and non-invasive. It also shows once again, how early-stage investment can fast-track the implementation of new technologies that will make a real difference to people’s lives.”