NuvoAir announced a $3M capital investment round from Industrifonden.
NuvoAir, a Stockholm, Sweden-based digital therapeutics company providing smartphone spirometers for measuring lungs health, announced in a press release that it completed a SEK 28M ($3M) capital investment round.
The money round was led by the Swedish investment company Industrifonden, and included existing investor Investor AB Spiltan. Patrik Sobocki, Industrifonden Investment Manager will join the company’s board of directors.
Funding will be used to strengthen the team, further advance NuvoAir’s R&D pipeline and clinical studies as well as extending the global commercial presence.
NuvoAir, founded in 2015 as Pond Healthcare Innovation and led by CEO Lorenzo Consoli, launched a smartphone spirometer, which makes available a real-time lung function assessment.
The company 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 are CE marked and are in use by hospitals, insurance companies, CROs and pharma companies, including Novartis.
Prior to this deal, NuvoAir raised more than $2M in 2017.