NuvoAir have announced that they have closed a financing round of USD 3 million led by venture capital firm Industrifonden, one of the largest life science and tech investors in the Nordics.
NuvoAir aims to make respiratory diseases measurable and more treatable. Established in 2015, NuvoAir launched the world’s first smartphone spirometer, making real-time lung function assessment possible at home. In three years, NuvoAir has collected over 500,000 spirometry tests that today are powering its machine learning algorithms to provide insights to patients, their physicians and pharma companies.
NuvoAir’s software and hardware is CE marked and the company continues to expand its commercial presence in Europe, North America and Asia. NuvoAir has established important partnerships with global leading hospitals, insurance companies, CROs and and pharma companies, including Novartis.
“We are very proud to welcome Industrifonden as an investor given their strong healthcare expertise and life science focus”, says Lorenzo Consoli CEO of NuvoAir. “This investment and partnership can significantly advance our focus on digital therapeutics and bring to market new smart devices to help patients manage their condition while improving physicians’ clinical decisions”.
Aria, NuvoAir digital therapeutics software, dynamically adapts to the patients’ needs so they can receive personalized care relevant for their specific condition. A recent study published on cystic fibrosis where NuvoAir partnered together with Royal Brompton Hospital in London has shown promising results.
“NuvoAir has a real unique product offering and fits so well with our strategic investment focus in digital health. 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,” says Patrik Sobocki, Investment Manager at Industrifonden.
In addition to supporting better self-management and improving clinical decisions, NuvoAir is also active in helping researchers around the world advancing their effort in the respiratory field. NuvoAir Alfa software is designed to allow the roll-out of real-world-evidence studies on a large scale.