Israel-based LabStyle Innovations, which is developing a smartphone-based glucose meter, has raised $10 million by common stock that the company plans to accredited investors. The company plans to use the money to develop, market and manufacture Dario, its smartphone-enabled diabetes management system. Dario does not have a CE mark nor does it have FDA approval. LabStyle CEO Dr. Oren Fuerst aims to launch the product in Europe soon, according to a company press release.

Dario is a small glucose meter which syncs with a companion app and works with Apple iPhone 5, iPads and iPods and Android devices like the Samsung Galaxy S4 and Tab. The app includes a nutrition guide, logbook, insulin calculator and monitoring system. A data overview within the app displays a radial chart of blood glucose measurements. It also shows how many measurements were above, below or within the blood glucose target range and if they were before or after a meal.

While LabStyle has remained fairly quiet, over the past year, the device caught the attention of several diabetes blogs including DiabetesMine and ASweetLife.

The company also plans to prepare a FDA 510(k) application sometime this year.

The iBGStar, which was AgaMatrix and Sanofi co-developed, was the first smartphone-enabled blood glucose meter to integrate directly with a smartphone and receive FDA clearance in 2011. Unlike Dario, which will work with both iOS and Android, iBGStar only connects to Apple devices.