Swedish startup NuvoAir raises $12M in Series A round

Stockholm-based digital health company NuvoAir has raised $12 million (€10M) to expand its chronic disease management and clinical trial platforms.

The Series A funding round was led by AlbionVC and comes off the back of a record 500% growth for NuvoAir in the first quarter of 2021.

KAYA (formerly Enern), Amino Collective and existing shareholders Spiltan, Industrifonden and Novartis Pharma AG (dRx Capital) also took part. 

WHAT IT DOES

NuvoAir is a digital health company for chronic disease management and decentralised clinical trials, with offices in Sweden and the US.

The NuvoAir Home platform blends connected devices with care coordination services to enable patients and their providers to manage chronic conditions.

It combines a patient app with connected devices, self-management content, care coordination services, and a provider portal to support members.

The platform’s technologies include a Bluetooth-enabled spirometer to remotely monitor lung function, a sensor that attaches to asthma and chronic obstructive pulmonary disease (COPD) inhalers, and Fitbit integration.

The latest addition to the platform is NuvoAir Cough, which assesses changes in nighttime coughing.

WHAT IT’S FOR

The funding will be used to accelerate the expansion of the NuvoAir digital care platform in Europe and the US, advance the development of new products and services, and support NuvoAir’s partner and customer base for decentralised clinical trials around the world. 

MARKET SNAPSHOT

More than 500 million people globally suffer from chronic respiratory diseases including asthma, cystic fibrosis, and COPD and more than $300 billion a year is spent on managing these conditions. 

Digital therapeutics firm Kaia Health recently completed a €62 million ($75m) Series C funding round to expand its clinical capabilities and treatment services for COPD and Musculoskeletal (MSK) care in Europe and the US.  This follows a partnership with Italian pharma firm Chiesi Group announced last year, to commercialise the firm’s COPD rehabilitation app in Europe.

ON THE RECORD

Lorenzo Consoli, NuvoAir founder and CEO, said: “The growing demand for our solution and the possibility to serve more patients in need, drives and motivates our entire team. Thanks to this financing round we will be able to further expand our technology, data science, and clinical service capabilities to empower more people with chronic conditions to live a better life.”

Dr Christoph Ruedig, partner at AlbionVC, said: “We’re proud to be able to support NuvoAir, one of the few digital health companies active in both Europe and the US. The company has built an impressive respiratory disease management ecosystem with strong clinical evidence and a scalable care model that benefits patients, payers and providers.”

Gary Kurtzman, M.D, NuvoAir chairman of the board, said: “The next stage in the evolution of digital health is creating effective and scalable solutions to improve the lives of patients with complex medical conditions. I am excited to be a part of this mission.”


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