Albion leads $12m Series A investment in NuvoAir
The Series A funding round was led by Albion 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.
NuvoAir 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 COPD inhalers; and Fitbit integration – all which feed data into the firm’s advanced chronic disease management platform. The latest addition to this platform is NuvoAir Cough, released last month, which assesses changes in night-time coughing.
Real-time, high-touch monitoring and care
From this platform, healthcare providers and patients can monitor clinically relevant data, identify important changes in health and behaviour in real time, get data-driven insights into the effectiveness of medication, and help patients better manage their condition themselves.
Covid fuels a seismic shift towards digital health
The recent, record-breaking growth seen on the NuvoAir platform is, in part, down to the demand for remote treatment and trials in the wake of Covid-19. With many health systems and pharmaceutical companies forced to move away from face-to-face interactions, providers have relied on NuvoAir to remotely care for, and study patients. This is a trend that is set to continue as more hospitals and patients further embrace technology that supports data-driven decisions for improved management of respiratory conditions and the reduction of hospital admissions and emergency care.
Demand for remote clinical trials, in particular, had already grown ten-fold over the past 3 years and was accelerated when Covid-19 halted the use of traditional, in-person models. Enabling patients to collect data from home allows frequent data collection and reduces the burden for patients and study sites to participate.
Expansion, development and clinical trials
The funding will be used to accelerate the expansion of the NuvoAir digital care platform in the US and Europe; advance the development of new products and services; and support NuvoAir’s partner and customer base for decentralized clinical trials around the world.
"We are very pleased to receive the support and deep insight of Albion," said Lorenzo Consoli, Founder and Chief Executive Officer of NuvoAir. "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."
"We're proud to be able to support NuvoAir, one of the few digital health companies active in both Europe and the U.S.,” said Dr. Christoph Ruedig, Partner at Albion. “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."
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