NuvoAir Secures $3 Million in Seed Funding to Launch World’s First Smartwatch Spirometer

VCBeat (WeChat ID: vcbeat) has learned that on April 18, Swedish digital health startup NuvoAir announced the completion of a $3 million angel financing round. The round was led by Inustrifonden, one of the largest life sciences and technology investment firms in the Nordic region. Patrik Sobocki, an investment manager at Inustrifonden, will join NuvoAir’s board of directors. Additionally, existing investor Investment AB Spiltan continued to participate in this new round of funding. Previously, NuvoAir raised $2 million in 2017, with the specific financing round undisclosed.

NuvoAir is a digital health company specializing in respiratory care, founded in 2015 and headquartered in Stockholm, Sweden. To enable real-time monitoring and treatment of respiratory diseases, the company launched the world’s first smartwatch spirometer for real-time monitoring and assessment of lung function. Within three years, NuvoAir has collected over 500,000 spirometry test samples and leverages machine learning algorithms to provide data-driven decision support to patients, physicians, and pharmaceutical companies.

NuvoAir Ecosystem (Image source: official website)

It is reported that this round of financing will be used for clinical trials, team expansion, and global business development. NuvoAir stated that both its software and hardware have obtained CE certification. In terms of distribution channels, NuvoAir has established key partnerships with several leading global hospitals, insurance companies, CROs, and pharmaceutical companies (including Novartis), and will continue to expand its operations in Europe, North America, and Asia.

“We are honored to welcome Industrifonden as an investor, bringing strong healthcare expertise and extensive investment experience in the life sciences sector,” said Lorenzo Consoli, CEO of NuvoAir. “This investment will significantly enhance our digital therapeutics capabilities and bring new smart devices to market, helping patients manage their conditions and improving clinicians’ decision-making.”

In addition to helping patients with self-management and improving clinical decision-making, representatives from NuvoAir revealed that the company’s newly developed Alfa software is designed to conduct large-scale real-world evidence studies, which will help researchers around the world advance their work in the field of respiratory health.

Patrik Sobocki, Investment Manager at Industrifonden, stated, “NuvoAir has a truly unique product, which is a key focus for us when selecting investment targets in the digital health sector. With its exceptional team and the impact of NuvoAir’s products across several continents, we believe that NuvoAir can become a global leader in lung health.”

Industrifonden is one of the most active investment firms in the life sciences sector in the Nordic region. Headquartered in Stockholm County, Sweden, it focuses on pharmaceuticals, medical devices, and digital health. The firm manages approximately $600 million in assets and has invested in more than 120 companies to date.

Investment AB Spiltan is a Swedish venture capital and private equity firm headquartered in Stockholm. The company primarily invests in startups within Sweden, with investment amounts ranging from approximately SEK 1 million (USD 125,000) to SEK 10 million (USD 1.25 million). Spiltan boasts an extensive angel investor network and abundant expert resources, with its investment portfolio spanning various industries.

(Compiled by Wang Yue)