The European Innovation Council (EIC) Fund is investing €5 million in the Israeli medical startup NanoVation to accelerate its development of its high-accuracy respiratory monitor and to launch initial marketing efforts in the EU, the company announced Monday.
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The investment is part of the EIC's strategy to identify and support high-impact startups and small companies and assist them in scaling up game changing technologies.
NanoVation is the first Israeli company to receive both a grant and equity funding from the EIC. The Haifa-based company is developing its respiratory monitor, the SenseGuard, based on its proprietary nano-sensor technology.
SenseGuard is a wearable, wireless solution for spot-checks or for the continuous monitoring of patients' breathing, intended for remote monitoring and management of various respiratory conditions and chronic diseases. The device has already undergone clinical trials and received CE marking.
Dr. Gregory Shuster, co-founder and CEO of NanoVation, commented: "We are grateful and honored by the privilege of being the first Israeli company on such an exclusive list of companies, receiving both a grant and equity financing from the EIC. This is an additional endorsement of NanoVation and a vote of confidence in our team, in the novel technology we are developing and in the significance of the problem we are addressing. We aim to keep the momentum going and are even considering increasing the latest funding round, to assure effective market penetration and growth prospects."
