Smart infusion therapy monitoring device manufacturer Monidor secures 1M € in funding from Voima Ventures as the lead investor of the round.
Oulu, Finland. Finnish medical tech company Monidor has finished its latest investment round, receiving 1M € from the deep tech fund Voima Ventures and Innovestor. Prior to the current round, Monidor has been backed up by Butterfly Ventures and private investors.
Monidor’s mission is to help clinicians in their work and improve patient safety with easy-to-use solutions. The company develops integrated smart solutions for intravenous therapy given in hospitals, bringing efficiency and accuracy into patient care. The company launched its first product Monidrop® in February 2020, and is now receiving the funding to respond to the urgent need for safe patient monitoring solutions raised by Covid-19. Moreover, the funding is directed to support the future growth of the company.
The story of Monidor started when one of the co-founders, Antti Puolitaival, kept facing the consequences of inexact infusion in his daily work as a doctor. Currently, infusion therapy is often monitored manually, and thus is both inaccurate and needlessly overburdening the hospital staff. While practically similar devices to measure the infusion treatment have been developed earlier, they are overly expensive, significantly large in size, and traditionally only available for the intensive care patients.
To solve these problems a small, precise, and easy-to-use solution Monidrop® infusion meter combined with the IV Screen™ remote monitoring feature was introduced. Monidrop® assures that the patients get the exact treatment they need while also saving nurses’ valuable time.
The Covid-19 pandemic has resulted in increased demand for safe patient care solutions like Monidrop®. “We received a lot of contacts from distributors all over Europe as hospitals needing help quickly equipping their new hospital wards dedicated for Covid-19 patients.”, explains Monidor’s Sales Director Jan Prokofjeff. The pandemic has also pushed the company to create such a straightforward installation process that every nurse will be able to do the set up easily. This allows Monidor to distribute its product effortlessly even with the Covid-19 pandemic limiting social connections and travelling.
Monidor CEO Mikko Savola estimates the total market size for infusion devices to be 10B $ in Europe, US and Japan. “The population is ageing and living standards are on a rise in Asia. The Infusion therapy market is continuously growing”, Savola continues, “at first, the growth for Monidor comes from the UK, Netherlands and DACH area”. “Finland has world’s leading health technology expertise and Monidor is a great example of a startup that has a unique and commercialisable solution for a global problem – patient safety and work balance of the nursing staff.” says Jussi Sainiemi, Partner of Voima Ventures.
Monidor is a health-technology company founded in 2015 that specializes in the development of small, smart devices for digital health. As their first product, the company has developed the Monidrop® infusion monitor, a compact device to help nurses working with patients who need intravenous (IV) therapy. Monidor has high- quality processes and a smooth workflow, following ISO13485 and the FDA medical regulations. Monidor employees are experts in medical technology, wireless communications, mobile software, and sensor solutions. Their shared passion is to help the clinicians in their work and improve patient safety with user friendly solutions.
About Voima Ventures
Voima Ventures is a €40M deep tech fund that invests purely in startups with deep tech and scientific backgrounds. Voima Ventures’ mission is to solve major global problems by combining science, entrepreneurship, and capital. Industry domains include bio and new materials, medical technologies and life sciences, imaging and optics, IoT and electronics, robotics, software & ICT and AI. In addition, Voima Ventures is managing a portfolio of VTT Ventures with 20 prominent deep tech companies including Solar Foods, Paptic, and Dispelix. Cornerstone investors are VTT Technical Research Centre of Finland and European Investment Fund (EIF), backed by Finnish private and institutional investors.