New funding from the European Innovation Council has been awarded to a Welsh Diabetes technology company. The funding will help them “fast track” their focus on the future of blood glucose monitoring. This is set to benefit people around the world with Diabetes.
Scientists at Afon Technology have welcomed the Council’s decision. The injection of €2.4 million will go into further developing the world’s first non-invasive, real-time and continuous blood glucose sensor. Glucowear™ is tipped to completely radicalise the lives of those who have Diabetes. It will go one step further than the existing technologies on the market.
What does this mean for people with Diabetes?
Unlike the current devices, Glucowear™ will measure blood glucose levels without the need to penetrate the skin at all. This will make it easier to manage the condition and reducing the risk of Diabetes-related complications.
Afon Technology’s CEO Sabih Chaudhry said:
“We are thrilled to receive the €2.4 million from the European Innovation Council which will help us to fast track our innovative work through to commercialisation and ultimately make a huge difference to the lives of those who have Diabetes. We would like to give special thanks to innovation and commercialisation grant agents Inventya who helped us throughout the application process and interview stage.”
Dr Sabih Chaudhry
Awarded to just 78 companies in 17 different countries, the rigorous application process included an interview by a panel of experienced investors and entrepreneurs.
About Afon Technology
Afon, which was founded in 2019, was selected from over 1000 start-ups and SMEs to receive a share of the €470 million available.
Last year Afon Technology relocated from Chepstow to Caldicot into new bigger premises. This has allowed the company to expand its world-class workforce, develop its state-of-the-art lab equipment and add a pilot production line. Learn more about Glucowear™ and the work we do here.
About the EIC Accelerator
The EIC Accelerator offers start-ups and SMEs grants of up to €2.5 million combined with equity investments through the EIC Fund ranging from €0.5 to €15 million. In addition to financial support, all projects benefit from a range of Business Acceleration Services. These provide access to leading expertise, corporates, investors and ecosystem actors.
Since its launch in March 2021, more than 6,500 start-ups and SMEs have sent their ideas and over 3,330 have submitted full applications. The companies announced in the latest round were among the 1092 who submitted to the last 2022 cut-off on 5 October. They join the 314 companies selected for funding by the EIC so far. The next cut-offs for full applications are: 11 January 2023, 22 March 2023, 7 June 2023, 4 October 2023.
