Finnish medtech startup Monidor raises €1 million for infusion therapy device

Monidor, a Finnish startup that makes small medical devices for digital health monitoring, has raised €1 million from deeptech fund Voima Ventures and Innovestor. The funding will help bring its Monidrop device to market and generally grow the company. Launched this past February, Monidrop keeps track of infusion therapies (or IVs), making sure exact amounts are dispersed. That data and other markers of the patient’s condition can be relayed to another product, IV Screen, a remote monitoring feature. Infusion therapy is often monitored manually, which leaves room for inaccuracy and takes up precious time of the hospital staff. While other devices to measure infusion treatment are on the market, the startup says they’re too expensive, too big, and traditionally only available for the intensive care patients. The Monidrop is portable and designed for easy setup by any nurse.

CEO Mikko Savola estimates the total market size for infusion devices is $10 billion in Europe, the US and Japan. While the Oulu-based business has initially grown in the UK, Netherlands and DACH markets, its sights are set overseas. “The population is ageing and living standards are on a rise in Asia. The infusion therapy market is continuously growing,” he added.

“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,” said Jussi Sainiemi, a partner at Voima Ventures. Photo: Monidor team