Investors include Amadeus Capital Partners, Chester Investments, Delta Partners, Morningside Ventures and Frank Bonsal.

The company will use the finance to complete clinical trials in support of US and European regulatory clearance for continuous blood glucose monitoring system, which features continuous glucose monitoring (CGM) technology designed to facilitate tight glycemic control in the intensive care unit (ICU).

GlySure chairman Bill Moffitt said, "For over a decade, Tight Glycemic Control has held the potential to reduce morbidity, mortality and the cost of care for ICU patients, but the technology to provide a cost-effective, accurate and easy-to-use solution has been elusive, until now."

Clinical trials conducted in over 120 ICU patients have demonstrated that the GlySure system can measure glucose levels across the entire human physiological range with accuracy and repeatability, which is key to effectively implementing TGC, according to the company.

GlySure CEO Chris Jones said positive results from the human use trials have significantly strengthened the company’s intellectual property portfolio and positioned it for commercialization.

"We look forward to providing clinicians with an effective tool to help them realize the patient benefits of TGC," Jones added.