Transdermal Diagnostics Secures £1.1M

Transdermal Diagnostics, a Spin Up Science Ventures portfolio company, announce today the completion of their oversubscribed £1.1 million pre-seed investment round to develop a low cost, 100% needle-free, continuous glucose monitor to improve access to affordable blood sugar monitoring and help diabetics live longer, healthier lives.

The technology developed by Transdermal Diagnostics has the potential to vastly improve the lives of people living with diabetes by providing an affordable, pain-free means of monitoring blood glucose levels. Today 1 in 11 adults live with diabetes, but the majority of them must rely on either cheap but painful, needle-based methods or expensive continuous glucose monitors, so many choose to go without. It is essential that diabetics monitor changes in real time to their blood sugar levels to stay within normal glycaemic ranges, else they risk developing comorbidities including heart disease, Alzheimer’s, or damage to vision or nervous system. In extreme cases, diversion from normal sugar levels in the body may result in hyperglycaemic and hypoglycaemic states which may lead to coma, or premature death. 

Transdermal Diagnostics’ device will provide diabetics with an affordable, comfortable, and reliable means of tracking their sugar levels. Their technology is based on research developed at the University of Bath, in the UK, and is a needle-free flexible patch to be worn under a smart watch or similar device to enable continuous sugar level monitoring. This funding round, led by QUBIS with BPEC, Immetric, Elbow Beach Capital, Science Angel Syndicate, and Pioneer Group, will enable Transdermal Diagnostics to develop a prototype device and conduct preliminary human trials. 

Transdermal Diagnostics is led by co-founders, Dr Luca Lipani (CEO), Dr Adelina Ilie (CSO) and Prof Richard Guy (Scientific Advisor). The team has an interdisciplinary scientific background, combining expertise in nanotechnology, biosensing and transdermal transport. 

Dr Luca Lipani, CEO of Transdermal Diagnostics, said: “This was an outstanding investment round, and 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.”

Transdermal Diagnostic is part of Spin Up Science Ventures (SUSV) portfolio, where the SUSV team have supported Transdermal Diagnostics through their spin-out and investment round. SUSV is Spin Up Science’s venture studio designed to support academic teams to spinout technologies with the potential to improve the health and security of people and the planet.  SUSV works alongside founders from initial idea to first investment, to develop entrepreneurial skills, discover market need, and launch spinout ventures.

Dr Ben Miles, CEO of Spin Up Science, said: “We are incredibly excited to support Transdermal Diagnostics in their mission to deliver affordable, painfree glucose monitoring to improve the lives of those living with diabetes. We think Transdermal's technology represents the next step in blood monitoring and in the future will unlock a deeper insight and better quality of care across many applications.”

To find out more about Transdermal Diagnostics on their website or follow them on LinkedIn.

You can find out more about Spin Up Science Ventures here.