This week Swedish startup NuvoAir, best known for making respiratory monitors, scored $3 million in new funding. The latest round was led by Inustrifonden, with participation from Investment AB Spiltan.
WHAT THEY DO
The company made a name for itself with a smartphone spirometer able to conduct lung function assessments in a home environment.
Last year the company launched the Air Next system, a small and portable device that connects to users’ smartphones or tablets using Bluetooth LE. The tool was designed for people living with respiratory conditions such as asthma, COPD and cystic fibrosis.
Nuvo’s technology can help patients understand their lung health patterns and what impacts that has on their overall health. The technology is also able to loop in care teams and providers.
NuvoAir said that it holds a CE mark for its hardware and software. In terms of plans down the pipeline, the company said it is looking to expand to Europe, North America and Asia in the future. The company has also hinted at using the software for real-world evidence studies in the future.
WHAT IT’S FOR
The company plans to use the new money to grow its team, as well as fuel its development pipeline and clinical trials. It is also looking to expand globally.
The respiratory health space is booming in digital health. In fact, according to “The Global Digital Respiratory Solutions Market 2009-2023” around 210 million asthma and COPD patients around the world will own smartphones, making it ripe for digital products.
Propeller Health, one of the major players in the field, was recently acquired by ResMed for $225 million. Propeller is best known for its connected inhaler. It also created a digital platform that aims aimed at helping medical tech and pharma companies build, commercialize and distribute digital therapeutics.
Adherium is another connected inhaler in the market. In July it landed FDA clearance for over-the-counter sales of its inhaler and app, called Hailie.
ON THE RECORD
“NuvoAir has a real unique product offering and fits so well with our strategic investment focus in digital health,” Patrik Sobocki, investment manager at Industrifonden, said in a statement. “With its stellar team and the early traction of NuvoAir’s product in several continents already, we believe NuvoAir can become a global leader in lung health.”