Polish medtech FindAir obtained PLN 7 million from investors in the seed round, the company announced. The funds obtained from the 4growth VC fund in co-investment with the NCBR Investment Fund will be used by the company for further research and development of products and scaling sales in the USA.
Founded by Michał Czyż, Tomasz Mikosz and Jacek Mikosz, the startup FindAir develops hardware and software for collecting data on the use of drugs in the treatment of asthma and chronic obstructive pulmonary disease (COPD), remote monitoring of the patient’s health and communication with the doctor.
“We cooperate with most of the leading European medical centers dealing with clinical trials and treatment of asthma and COPD. We are the only company in Europe that can boast of such a wide range of products, which already today allows us to cover most types of therapies used. We plan further expenditures on research and development to offer smart overlays for all the most popular types of drug dispensers on the market used in the treatment of lung diseases, said Tomasz Mikosz, president of FindAir, quoted in the release.
FindAir solutions are approved for use as a medical device in the European Union and used in hospitals, e.g. in the Netherlands, Belgium, France, Greece, Ireland and Germany. In addition, they are available in the United Kingdom and the United States, where 40% of the company’s revenue already comes from today.
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, believed in the potential of FindAir.
“FindAir has a ready, working product – a whole line of devices and software, as well as extensive knowledge and experience about the market and the needs of its stakeholders, accumulated over seven years of operation. Combined with a target market of several hundred million patients, this gives great potential for global scaling. FindAir is part of the trend of remote medical care, which will grow dynamically in the coming years due to its high efficiency. This is especially important in the case of diseases such as asthma and COPD, where taking medications is the basic element of assessing the health of patients,” said 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.
FindAir has been operating in the medical technology industry since 2017. The FindAir system consists of devices for remote control of inhaler use, a mobile application and an internet platform for viewing data. The first FindAir product hit the market in 2019.