Luminous Medical Inc., a Carlsbad, Calif.-based developer of glucose monitors for in-hospital use with critically-ill patients, has raised $23.5 million in Series B funding. Adams Street Partners led the round, and was joined by RiverVest Venture Partners, Finistere Ventures and return backers De Novo Ventures and Latterell Venture Partners. The company had raised a $9 million Series A round in late 2005.
Luminous Medical, Inc. announced today that it has completed a $23.5 million round of Series B financing. Adams Street Partners led the investment, joined by new investors RiverVest Venture Partners, and Finistere Ventures. Existing investors De Novo Ventures and Latterell Venture Partners also participated in the round.
The company is developing an automated blood glucose monitor for in-hospital use with critically ill patients. Establishing tight glucose control in these patients has been shown to improve outcomes including highly significant reductions in complications, length of stay and mortality. The Luminous Medical monitor will simplify the implementation of tight glucose control by providing frequent glucose measurements automatically.
“We found the clinical evidence supporting the need for such a product to be compelling,” said Mike Lynn, M.D. of Adams Street Partners. “We are impressed by the achievements demonstrated by the Luminous Medical management team and believe they are in a position to lead this market.”
“We are pleased to have such a strong group of investors supporting our company. This is a positive endorsement for Luminous Medical and its technology,” said Rick Thompson, President and CEO. “We will use these funds to complete product development and pursue our commercialization strategy.”
A poster from a clinical study conducted on healthy volunteers with a prototype Automated Blood Glucose Monitor will be presented at the International Symposium on Intensive Care and Emergency Medicine, March 18