Finland's Mendor has raised €8.1 million ($11.7 million) of venture capital financing to help its global market expansion. The Series B financing round was led by Finnish entrepreneur and investor Risto Siilasmaa, who was joined by Life Sciences Partners (LSP), Finnish Industry Investment, Finnish Mutual Pension Insurance Company Ilmarinen, private Finnish investment group Biothom and the Finnvera Venture Capital as a returning investor.
Mendor designs, develops and markets advanced diabetes management products. Its first product, the all-in-one blood glucose meter Discreet, contains all of the components for daily blood glucose measurements: meter, strips and lancing device in an integrated, all-in-one device the size of a cell phone, according to a company statement.
The Mendor Balance application is a next generation, web-based software that supports the Discreet meter. The system can be accessed anywhere once the data have been uploaded.
Following the closing of the financing round, Anne Portwich, Partner, LSP, will be joining the Mendor board of directors.
Last month, Mendor started a collaboration with Novartis Finland Oy. Twelve clinics and 500 Finnish Type 2 diabetes patients are taking part in the project. All patients get common directions on how to time the blood glucose measurements based on their individual daily routines. Medical staff then receive a description of how the blood glucose behaves and can weigh the different treatment options.
- see the Mendor release