Startup of the Day: Koite Health, a Finnish healthtech startup
Koite Health is an Espoo-based health technology company co-founded by Sakari Nikinmaa and Tommi Pätilä. The startup offers Lumoral technology, a medical device based on light-activated antibacterial solutions for treating and preventing oral diseases. In 2023, Lumoral has been launched in Germany, Italy, Great Britain, and Denmark. Recently, Koite Health secured a €4 million investment from local and foreign investors.
In the Startup of the Day column, Sakari Nikinmaa, the co-founder of Koite Health, shares the details about the startup’s idea, its product, and future plans.
The Startup of the Day column on AIN.Capital is dedicated to tech projects from all sectors that originated from the CEE countries. If you would like to introduce your project, please fill in the questionnaire.
Tell us about your startup. How does it work?
Koite Health Oy develops and manufacturers medical devices for treatment and prevention of bacteria caused diseases. Our mission is to develop treatments that have a long-lasting positive impact on the well-being and health of our customers and can dramatically reduce national healthcare expenses.
How did you come up with the startup’s idea? What was the reason/motivation behind it?
Our idea originated from scientific research where we understood the antibacterial effect of light activation of photoactive molecules and tissue healing photobiomodulation effect of specific wavelengths.
Main motivation to commercialize the technology and enter to oral care market was that by treating and preventing chronic infections in mouth we can provide a long term positive effect on the body,
Our flagship product Lumoral focuses on treatment and prevention of chronic oral diseases which are linked to multiple severe systemic illnesses like diabetes and cardiovascular diseases. Lumoral solution consist of Lumoral led mouthpiece, battery and photoactive substance called Lumorinse. Lumorinse is a water soluble tablet that forms an green oral rinse when prepared. When mouth is rinsed with Lumorinse it adheres to dental plaque. The rinse is then activated with Lumoral led-mouthpiece providing targeted antibacterial effect on dental plaque.
How long did it take to reach the prototype or MVP? What did you encounter?
At the start of the journey our focus was heavily on research where we executed thousands of laboratory experiments to quantify our treatment effect and establish critical parameters and user needs medical device product.
When exactly did you launch your product? Or when the launch is planned?
Lumoral product was launched mid 2020 in Finland. During 2023 we started to execute our EU launch, including Germany, Italy, Great Britain, and Denmark.
Tell us about the startup’s business model. How do you monetize your product?
Our business model operates through B2B and B2C channels where Lumoral medical device is sold followed by repeated sale of Lumorinse tablets
What are your target markets and consumers?
We are targeting the global dental care market with focus on consumers who are passionate about their health and want to treat or prevent oral diseases.
If the startup has already launched the product, what are the results: metrics, income, or any clear indicators that can be evaluated.
Currently, more than 20,000 Lumoral devices have been sold, and the number of treatments given is already more than 1,000,000. Our goal is to continue doubling our annual revenue like we have done in past three years.
What about your team? How many people are working in the startup? If you’re looking for new employees, indicate whom exactly.
In total, our team consist of 15 people. We have excellent team and we evaluate the need for growing the team as sales develop.
Have you already raised any investments? Provide us with more details on each funding round: the amount, investors, the purpose of the investment.
Koite Health organized a well-received funding round for domestic and foreign investors between October and December 2023. The investment’s total amount was more than €4.1 million, and the costs will be used to support the strong growth of the Lumoral oral care product developed by the company and to develop new applications.
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