Stockholm-founded healthtech startup NuvoAir has secured $12M (nearly €10M) in a Series A funding to expand its chronic disease management and clinical trial platforms to more patients and providers. The funding round was led by London based AlbionVC, and it saw participation from other investors such as KAYA (formerly Enern), Amino Collective, Spiltan, Industrifonden and Novartis Pharma AG (dRx Capital).
With the fundraise, the startup intends to expand the NuvoAir digital care platform in the US and Europe, create a set of new products and services and further support NuvoAir’s partner and customer base for decentralised clinical trials around the world.
AlbionVC is a venture capital firm focusing on B2B software and healthcare at Series A.
Lorenzo Consoli, Founder and Chief Executive Officer of NuvoAir, says, “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.”
The Story Behind NuvoAir
NuvoAir is a healthtech startup that helps people with chronic conditions by combining a patient app with connected devices, self-management content, care coordination services, and a provider portal to support members.
According to the company, it combines a Bluetooth-enabled spirometer to remotely monitor lung function; a sensor that attaches to asthma and COPD inhalers; and Fitbit integration – all of which feed data into the firm’s chronic disease management platform. Last month, it launched NuvoAir Cough, which basically assesses changes in nighttime coughing.
NuvoAir says that more than 500 million people globally suffer from chronic respiratory diseases such as asthma, cystic fibrosis, and chronic obstructive pulmonary disease (COPD) and $300B (close to €251.4B) is spent every year on managing these conditions.
The healthtech startup claims to improve the patient experience with a Net Promoter Score score of 75 against the healthcare average of 38.
NuvoAir claims that the COVID-19 pandemic has triggered immense growth in its services as the demand for remote clinical trials had grown ten-fold over the past three years and was accelerated when COVID-19 halted the use of traditional, in-person models. It has seen a massive growth of 500 per cent in the first quarter of 2021.
Currently, NuvoAir Home claims to support thousands of patients worldwide with COPD, cystic fibrosis, severe asthma, IPF, ALS, and muscular dystrophy. The healthtech startup’s clinical trial solution has been used in over 30 studies globally across all phases of drug development.
NuvoAir has partnered with providers across the US, UK and Europe including Harvard Boston Children’s Hospital, New Hampshire’s Dartmouth–Hitchcock Medical Center, Royal Brompton Hospital, King’s College Hospital in London, as well as pharmaceutical giants Roche, Regeneron and Novartis.
The company is headquartered in Boston, with its European office in Stockholm.
The Future Plans
With the raised capital, NuvoAir plans to accelerate the expansion of the NuvoAir digital care platform in countries like US and Europe and therefore create new products and services; and support NuvoAir’s partner and customer base for decentralized clinical trials around the world.In terms of appointments, the healthtech startup has appointed Gary Kurtzman as NuvoAir’s Chairman of the Board to support this strategic direction and US expansion. Dr. Kurtzman has served on the boards of several healthcare companies including Propeller Health, a medicine adherence tech company working in respiratory health.