Luminous Medical, Inc. Secures $23.5 Million in Series B Venture Capital Funding

Luminous Medical, Inc. recently announced that the company 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. Three years ago, Luminous Medical Inc. announced the closing of its series A preferred stock financing. The company is commercializing an automated, continuous whole 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 product, using technology licensed from InLight Solutions, Albuquerque, NM, will simplify the implementation of tight glucose control by providing frequent glucose measurements automatically.

“Maintaining tight glucose control in critically ill patients is increasingly recognized as an important new requirement,” said Rick Thompson, Luminous Medical CEO. “We expect to be the first to provide a product that automates glucose monitoring to aid caregivers in delivering optimal patient care.”

The company is the fourth spin-off from InLight Solutions and is funded by two leading venture capital firms, De Novo Ventures of Menlo Park, CA and Latterell Venture Partners of San Francisco, CA. The funds will be used to complete the development of the first product and to expand the capability of the product to create additional value for critically ill patients.

“InLight is excited to see its optical platform applied to such a compelling clinical need,” said Dr. Ries Robinson, InLight Solutions CEO. “The involvement of Rick Thompson coupled with this funding event creates an opportunity for Luminous Medical to significantly improve outcomes in critical care medicine.”

“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.”

Luminous Medical is developing an automated blood glucose monitor to address the rapidly growing clinical demand for tight glycemic control (TGC). Clinical data demonstrates significant morbidity and mortality benefits from normalizing glucose levels in hyperglycemic patients. As a result, clinicians have rapidly adopted TGC procedures but struggle with inadequate and time consuming manual methods. The Luminous Medical monitor, using technology licensed from InLight Solutions, Albuquerque, NM, will allow the achievement of these clinical benefits while reducing errors and nursing labor. The product has not yet been cleared for use by the FDA.

For more information, please visit www.luminousmedical.com