Nightingale Health raises €8.8 million in fresh capital, appoints Timo Soininen as chairman of the board.

Nightingale Health, a Vantaa, Finland-based manufacturer of blood-testing technology, completed a bridge capital raise of  €8.8 million ($10.7M).

The money was raised from a range of investors including local business angels from Finland Timo Soininen, Mikko Kodisoja, Markku Kaloniemi and Leena Niemistö. They all join the company's board, and Timo Soininen will become its chairman. The Langenskiöld family investment firm also contributed to the round.

Nightingale also announced that it  appointed Swedbank AB, Finnish Branch, as the lead financial advisor to explore different options, including possibilities for an Initial Public Offering by listing the company’s shares on Nasdaq Helsinki First North.

Nightingale Health, founded as Brainshake Ltd. by CEO Teemu Suna, Antti Kangas, Pasi Soininen and Peter Würtz, built a science-based blood testing technology aiming to replace reactive healthcare and enable preventive medicine in chronic diseases.

The company developed a health data platform which is a unique combination of a blood-testing technology and an ability to use the blood-based data to detect future disease risks.

Nightingale is yet to become profitable, at a €1.6 million yearly turnover.