Finnish startup Monidor raises $1.1 million

Oulu-based Medtech startup Monidor, a developer of digital health-monitoring devices, has closed its latest investment round worth $1.1 million. The round was led by the deep tech fund Voima Ventures and Innovestor. Previous, Monidor has been supported by Butterfly Ventures and some private investors. Monidor has raised a total of $1.3 million in funding over two rounds, Crunchbase reports.

Founded in 2015 by Veli Matti Puurunen and Antti Puolitaival, Monidor is a health-technology company, which develops innovative, smart, and small electronic devices. Their mission is to help the clinicians in their work and improve patient safety with simple solutions. In February 2020 Monidor launched the first product Monidrop infusion meter and IV Screen remote monitoring application, a compact solution to help nurses working with patients who need intravenous therapy.

The company is planning to spend the proceeds on future growth and for developing its safe patient monitoring solutions. CEO Mikko Savola evaluates the total market size for infusion devices is around $10 billion in Europe, the US, and Japan. While the Finland-based business has initially developed in the UK and Netherlands markets, its sights are set overseas. 

“The population is aging and living standards are on a rise in Asia. The Infusion therapy market is continuously growing”, Savola said.