Oulu: Finnish medtech startup Monidor has finished its latest investment round, receiving €1 million 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.
Founded in 2015, 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 new funds are 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’s CEO Mikko Savola estimates the total market size for infusion devices to be around €8 billion 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.