Afon Technology Limited (“Afon Technology”) raises £770,000 and wins €2.4 m European Innovation Council grant
The Board of Afon Technology is pleased to update its previous announcement on monies raised. In addition, Afon Technology has been awarded a €2.4m grant from the European Innovation Council as per https://afontechnology.com/afon-technology-receives-multi-million-cash-injection-to-help-transform-the-lives-of-people-with-diabetes
Afon Technology has the single focus of commercialising a wearable, non-invasive blood glucose monitor to benefit people with diabetes the world over.
Based on proven and patented technology, they have created a non-invasive, real-time and continuous glucose sensor that will empower people with diabetes in self-management and provide their clinicians with a history of their blood glucose variations.
The compact device is designed to be worn with a watchstrap and connected via Bluetooth to the user’s smart watch/device. The device created gives individuals’ freedom from the constraints of conventional finger-stick devices.
Sabih Chaudhry, CEO of Afon Technology said, “We are delighted to have secured the private funds as well as the EIC grant. This will power the company forward as we pursue the development and clinical trials of the device. The technology is proving reliable and accurate in our initial trials, and we are excited by these results.”
A representative from Inventya commented, “Inventya’s grant writing team is incredibly proud to have worked with Afon to produce their winning EIC Accelerator application. Undoubtedly, the Afon team deserves the recognition and appreciation gained through securing this prestigious and highly competitive grant award. The two grant writers in our team who worked directly with Afon in this process were very committed to this project – due to personal reasons, but also because the Afon team are great to work with. Afon’s commitment to achieving a breakthrough in the management of diabetes is inspiring, the future of real-time and non-invasive blood glucose monitoring is becoming a reality. We were thrilled to take this journey with Afon and look forward to seeing the true benefit of their inspiring endeavours making a real-world difference to diabetes sufferers globally.”
Patricia Reynolds, CEO of Norcliffe Capital said “The recent award of a €2.4M grant to Afon Technology follows a previous award of just under £1 million from SRBI for “GP of the Future”. These non-dilutive grant awards underscore the international recognition and value of Afon’s ground-breaking technology in diabetes management. Afon Technology is a prime example of Norcliffe Capital’s investment philosophy - investing for Profit with Purpose.”
Clive Hyman said, “We are glad to be working with Afon Technology, who are a leader in the next generation of wearable blood glucose monitoring devices. It’s great to be working with Afon and their team of advisors on this exciting project.”
All enquiries welcomed
Sabih Chaudhry, Afon Technology +44 (0)7880 548 838
Inventya +44 (0) 1925 550 851
Patricia Reynolds, Norcliffe Capital +44 (0) 203 745 0653
Clive Hyman, Hyman Capital +44 (0) 7388 245 446