NEW funding from the European Innovation Council has been awarded to a Welsh diabetes technology company to “fast track” their focus on the future of blood glucose monitoring to benefit people around the world with diabetes.
Scientists at Afon Technology have welcomed the Council’s decision to inject €2.4 million into further developing the world’s first non-invasive, real-time and continuous blood glucose sensor, tipped to completely radicalise the lives of those who have diabetes going one step further than the existing technologies on the market.
Unlike the current devices, it will measure blood glucose levels without the need to penetrate the skin at all, making it easier to manage the condition, reducing the risk of diabetes-related complications such as heart attack, stroke, blindness, kidney failure and limb amputations.
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.
“Afon Technology has the single focus of commercialising a wearable, non-invasive blood glucose monitor to benefit people with diabetes all over the world.
“Diabetes can be incredibly limiting to someone’s life, but we believe we’ve created a device which will provide the wonderful feeling of freedom all wrapped up in a watch type device on the wrist.”
Awarded to just 78 companies in 17 different countries, the rigorous application process included an interview by a panel of experienced investors and entrepreneurs.
Afon, which was founded in 2019, was selected from over 1000 start-ups and SMEs that submitted a full application to receive a share of the €470 million available in a combination of grants and investments under the latest 2022 EIC Accelerator cut-off.
Last year Afon Technology relocated from Chepstow to Caldicot into new bigger premises allowing the company to expand its world-class workforce, develop its state-of-the-art lab equipment and add a pilot production line.