NuvoAir, a Boston headquartered digital healthcare company, announced that it has raised $11M funding in an extension of the Series A round, previously announced in June 2021. This brings the total Series A round to $25 million.
The round was led by Hikma Pharmaceuticals’ venture capital arm, Hikma Ventures, with participation from new strategic investors and existing investors.
How will the funding be used?
NuvoAir will use the capital to expand its platform and team, accelerate the launch of its asthma clinical services with risk-bearing providers and Health Plans.
The company is also planning to launch new clinical trial partnerships globally.
Targets respiratory conditions
Founded by Lorenzo Consoli in Stockholm, Sweden, NuvoAir focuses on complex patients, initially targeting respiratory conditions such as COPD and asthma.
The company delivers continuous, proactive care by combining remote monitoring technology with proprietary biomarkers, deep clinical expertise, and data-driven infrastructure.
NuvoAir Aos sensor
In December, the company launched an add-on sensor for asthma and chronic obstructive pulmonary disease (COPD) inhalers as a part of its chronic care ecosystem.
The NuvoAir Aos sensor provides additional data, including inhaler technique, monitor inhaler use enabling NuvoAir Care Coordinators and healthcare providers to evaluate treatment effectiveness.
“Healthcare is far too confusing and fragmented to navigate, particularly for complex patients who often suffer multiple comorbidities,” said Gary Kurtzman, Chairman of NuvoAir’s Board. “The solution lies in redesigning the experience around the patient, thereby providing a more empathetic and coordinated approach to their care.”
Further, NuvoAir’s patient-centric approach underlies its decentralised clinical trials solution.
By bringing the trial to the patient’s home, NuvoAir can dramatically improve their experience, reducing the burden for both patients and study sites.
“We are really excited to have Hikma Ventures join our existing investors to help us expand our unique service model and technology to support a truly patient-focused approach to delivering clinical care and clinical trials,” commented Lorenzo Consoli, Founder, and CEO of NuvoAir.
Founded in August 2015, Hikma Ventures operates as the corporate venture capital arm of Hikma Pharmaceuticals.
The company identifies and invests in emerging companies in the digital health space, globally, that could enhance Hikma’s value proposition, reputation, and market intelligence.
“This is our second investment in the respiratory space which is a key strategic area for Hikma,” said Lana Ghanem, Managing Director of Hikma Ventures. “We are looking forward to working closely with our co-investors and the NuvoAir team to help advance the platform and expand its reach, especially in territories strategically relevant for Hikma.”