Tampere, Finland-based startup Combinostics, maker of data-driven clinical assessment software, has secured €3.9m in a Series A funding round led by Industrifonden and NordicNinja VC, it was announced at Slush, a startup event taking place in Helsinki, this morning.
WHAT THEY DO
Founded in 2014, Combinostics aims to support healthcare professionals in the diagnosis of neurodegenerative diseases, helping to improve patients’ quality of life.
WHAT IT’S FOR
The first application of their technology looks at Alzheimer’s disease, and, with the new funding, the startup now wants to bring its cNeuro platform to the US and Asia.
“Industrifonden has a proven track record for supporting companies throughout their journeys, and NordicNinja has strong ties with Asia - Japan in particular - a very important target market for our technology,” said Lennart Thurfjell, Combinostics chief executive.
Stockholm-based venture capital fund Industrifonden invests in early-stage life science and tech companies.
Meanwhile, NordicNinja VC, a €100m fund, was created to help Nordic and Baltic scale-ups planning to expand to Japan and more widely across Asia. It is being supported by Honda, Panasonic, Omron and the Japan Bank for International Cooperation.
“We will use this investment to ramp up R&D, build our US operations, and expand in Asia. We currently have a partner working on regulatory approval in Japan, and we are looking for a partner in China,” Thurfjell added.
ON THE RECORD
Sinichi Nikkuni, NordicNinja VC managing partner, said the platform built by the Finnish startup was “needed” to help countries grappling with the increasing pressures posed by ageing societies, such as the Nordics or Japan.
Earlier this year, in Japan, figures released by the government showed that citizens aged 65 and over accounted for 28% of its population in 2018. By 2050, that number is estimated to go up to 38%.
Commenting on the announcement, Industrifonden investment manager Patrik Sobocki added: “Our investment in Combinostics represents another step for our long-term commitment to health tech innovation. The company joins a family of startups that are improving health outcomes globally by building category-leading products.”