FindAir with a new round of seed funding scales up business in the US
FindAir, European smart inhaler market leader, which is revolutionizing the treatment of asthma and COPD, has closed a seed funding round. The company will use the funds raised from 4growth VC and NCBR Investment Fund for further product research and development and scaling sales in the US, where 40 percent of its revenues already come from today.
Founded by Michal Czyz, Tomasz Mikosz and Jacek Mikosz, the FindAir startup develops hardware and software for collecting data on drug use in the treatment of asthma and chronic obstructive pulmonary disease (COPD), remotely monitoring a patient’s condition and communicating with a doctor. The company is a pioneer of such solutions in Europe and one of the three leading players in the smart inhaler market worldwide.
“In the United States, we are seeing a fast-growing trend of telemedicine platforms, while at the same time there is a shortage of patient medication monitoring devices. With the funding we have received, we are able to quickly respond to this demand by scaling our business overseas. For many large pharmaceutical companies, we are becoming an external R&D laboratory for smart inhalers and related technologies,” adds Tomasz Mikosz.
FindAir’s solutions are approved for use as a medical device in the European Union and are already being used in hospitals in the Netherlands, Belgium, France, Greece, Ireland and Germany, among others. In addition, they are available in the United Kingdom and the United States, where 40 percent of the company’s revenue already comes from.
“We work with most of Europe’s leading medical centers for clinical research and treatment of asthma and COPD. We are the only company in Europe that can boast such a wide range of products, which already enables us to cover most types of therapies used. We plan to invest further in research and development in order to offer smart overlays for all the most popular types of drug feeders used in the treatment of lung diseases on the market,” says Tomasz Mikosz, CEO of FindAir.
Asthma is an incurable inflammatory disease of the airways. According to WHO estimates, more than 300 million people suffer from it worldwide. Another 250 million suffer from chronic obstructive pulmonary disease (COPD). Globally, both diseases are among the leading causes of chronic morbidity and mortality, and their importance is likely to grow.
FindAir’s potential has been believed in by the 4growth VC fund, known so far for its investments in medtechs already operating on the international market, such as Saventic Health and Talkie.ai. In a co-investment with the NCBR Investment Fund (NIF), it invested $1.7 million in the company.
“FindAir has a ready-made, working product – an entire line of devices and software, as well as vast knowledge and experience about the market and the needs of its stakeholders, accumulated over seven years of operations to date. Combined with a target market of several hundred million patients, this provides enormous potential for scaling the business globally. FindAir is part of the remote medical care trend, which will grow rapidly in the coming years due to its high efficiency. This is particularly relevant for diseases such as asthma and COPD, where medication intake is an essential element in assessing patients’ health,” says Krzysztof Bachta, Managing Partner of the 4growth VC fund.
The NCBR Investment Fund (NIF), specializing in investments in small and medium-sized
enterprises, also made a co-investment in FindAir.
“At NIF we always look for strong teams with crystal clear strategy and tremendous problem to address. FindAir is such a company. An innovative solution that can be used by the part of society affected by asthma and a superb team. These factors along with innovative IP convinced us to support FindAir,” says Paweł Materniak, Investment Director at NIF.
FindAir has been active in the medical technology industry since 2017. FindAir’s system consists of devices to remotely monitor inhaler use, a mobile app and an online platform for viewing data.
FindAir’s first product hit the market in 2019. Currently, the company’s portfolio includes smart overlays for the most popular inhalers on the market such as i.a. Ventolin, Atrodil, Seretide, Serevent, Flixotide and Budiair. They are designed to improve the quality of patient treatment by being used by healthcare entities that want to remotely monitor their patients, as well as treatment and research centers dealing with respiratory diseases.