Healthcare group Shanghai Fosun Pharmaceutical has led the $17.4m first tranche of a series C round being raised by US-based breath analysis device developer Spirometrix.
Industrial product manufacturer NGK Spark Plug also participated in the round, as did South Valley Angels, Iconical, Ohio Innovation Foundation and Carmen Innovation.
Spirometrix is working on affordable and non-invasive breathalyser products equipped with its algorithms and sensors to diagnose and manage chronic conditions like asthma, chronic obstructive pulmonary disease or chronic pulmonary hypertension.
The capital will support the commercialisation of the company’s first product, the Fenom ProPoint-of-Care Breathalyzer, which detects asthma by tracking the fraction of exhaled nitric oxide (FeNO) in a user’s breath.
J. Dean Zikria, Spirometrix’s CEO, said: “Fosun’s investment in Spirometrix is further evidence of the significant opportunity not only in the USA and EU but also in the growing Chinese market, for the use of our product and the data insights gained from over 20 million Chinese citizens who could potentially use our product.
“In addition, series C funds will be used to finalise the development of a handheld breathalyser for use by asthma patients in measuring their FeNO levels at home. This device will be the first of its kind in the world.”
The round increased the total funding raised by Spirometrix, which was spun out of Ohio University in 2011, to $29m.
NGK invested $5m as part of an $8.6m series B round in late 2014 that included Simul Investments. Spirometrix’s existing investors also include Europlay Capital Advisors.
– Image courtesy of Spirometrix