Fresh funding and new executives to accelerate Spiden's product launch

Founded in 2017 by serial entrepreneur Leo Grünstein and supported by a team of more than 70 employees, Spiden is revolutionizing the field of personalized health monitoring with an approach that combines advanced spectroscopy techniques and machine learning to achieve real-time, non-invasive monitoring of various biomarkers.  Its on-invasive glucose monitoring wearable will be placed at the wrist and engage with the users through a smartphone app.

In a new study, Spiden has achieved remarkable scientific progress in non-invasive glucose sensing. Utilizing advanced spectroscopy techniques in a portable device, its team has attained a 9% MARD with individual calibration (Mean Absolute Relative Difference – the average difference to the gold-standard measurement). This achievement is the latest important step towards a calibration-free and miniaturized device for non-invasive glucose monitoring. Now, as the final step on its development path, Spiden has commenced measurements in diabetes centers in multiple countries, before aiming to launch its Spiden wearable that can automatically calibrate to its customers without any needle involved.

Ahead of its product launch and to fuel its product design and development, the company has appointed three key executives.

• Chester Chipperfield, joining as Chief Design Officer, brings a wealth of experience from his previous roles as Head of Special Projects at Apple and Global Creative Director at Tesla. Chester's expertise in innovative design and launching category defining products will be instrumental in shaping Spiden’s wearable into something that is both highly functional and desirable.
• Ismene Grohmann, the appointed Chief Product Officer has a background as Head of Product for Abbott’s Consumer Biowearables and Global Innovation Director Personal Health. She will lead Spiden’s product vision, strategy and execution, ensuring that Spiden’s solutions meet the highest standards of product-market fit, user-centricity and efficacy for its customers.
• Fernando Perez-Cruzwill be joining Spiden full time as Head of Machine Learning Research & AI. His background as Chief Data Scientist at the Swiss Data Science Center (joint venture between EPFL and ETH Zurich) uniquely positions him to shape Spiden’s advanced data analysis and AI capabilities.

Oversubscirbed funding round
Spided has finished 2023 with a $15 million convertible note, surpassing its initial target of $10 million, and bringing its total funding since inception to  more than $40m. This achievement reflects the strong support from its existing investors and Board members, as well as new investors. The funding will help Spiden finalize its initial, now 6-year long phase of R&D, aimed at cracking complete calibration-free monitoring, as well as securing a pathway to miniaturization of its portable product to a wearable format. A larger funding round is planned for H2 in 2024, which will provide the Pfäffikon SZ-based company with sufficient capital to bring its product to market and become profitable.

(Press release/RAN)
Photo: Spiden’s Founder & CEO Leo Grünstein using Spiden’s demo product to measure his glucose fully non-invasively through his wrist.