NuvoAir, a leading digital healthcare company working in chronic disease management, raised $11M in a latest round of financing. The investment was led by Hikma Pharmaceuticals’ venture capital arm, Hikma Ventures, and is an extension of the Series A round, previously announced in June 2021. Additional participation from a new strategic investor and existing investors brings the total Series A round to $25 million.
NuvoAir focuses on complex patients, initially targeting respiratory conditions such as COPD and asthma. The relationship-based clinical service delivers continuous, proactive care by combining best-in-class remote monitoring technology with proprietary biomarkers, deep clinical expertise, and a data-driven infrastructure. The recently launched Aos inhaler sensor is the latest addition to the service. NuvoAir’s care teams are designed to work in close collaboration with a partner’s existing care infrastructure to utilize NuvoAir’s technology and data to personalize the care of each member.
“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.”
NuvoAir’s patient-centric approach also underlies its decentralized 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.
NuvoAir will be using the proceeds of this financing to expand its platform and team, accelerate the launch of its clinical services with risk-bearing providers and Health Plans, and launch new clinical trial partnerships globally.
“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.
“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.”