(St. John’s, NL) - January 14, 2020, St. John's-based connected health company BreatheSuite, along with investors Venture NL, Pluto Investments and Killick Capital, jointly announce the completion of a $1.2M financing round after a very successful 2020. BreatheSuite has created the first inhaler add-on that turns an existing inhaler into a smart device to track and train proper inhaler technique and adherence. The investment comes just two years after the company's founding and will be used to develop new inhaler add-on products, and continue rollout to patients across North America.
"Amidst all of its challenges, 2020 was a phenomenal year for BreatheSuite.” says CEO Brett Vokey. “We were able to expand our team, secure international partnerships to offer devices to patients, and complete invaluable research both within Canada and the United States. This investment is a testament to the progress we've made during a year that brought unprecedented change. We’re hopeful that the increased adoption of digital health technologies will continue in the future, setting a new standard for virtual healthcare.”
The investment was led by Venture NL, and supported by Pluto Investments, Killick Capital and other private investors. Venture Newfoundland and Labrador LP is a public/private venture capital fund created by Pelorus Venture Capital, the Province of Newfoundland and Labrador, BDC Capital Inc., and private angel investors. BreatheSuite’s private investment group has added new additions including Bill Adams, Jim Spatz, Jim Hughes and Blair McIntosh, along with additional support from existing angel investors, Karl Smith and Chuck Love.
“It's been an incredibly exciting few months for the Newfoundland and Labrador tech sector and this announcement is the perfect start to the New Year” says Venture NL Director, Chris Moyer. “Brett's passion and drive inspired us to get involved back in 2018 and since then he and the company have excelled. With this latest investment, we are confident in the continued success of BreatheSuite."
“We are very excited to continue to support BreatheSuite’s vision.” says Pluto Investments President & CEO, Paul Antle. “With this round of investment, we are eager to watch BreatheSuite grow and continue to drive the medtech ecosystem in Newfoundland and Labrador."
“We are thrilled to see BreatheSuite continue to innovate and grow!” said The Honourable Andrew Parsons, Minister of Industry, Energy and Technology. “The Government of Newfoundland and Labrador is proud to support our thriving tech ecosystem and is pleased to partner in Venture Newfoundland and Labrador investments.”
Founded in 2018, BreatheSuite's inhaler add-on and mobile application are used to track and train proper inhaler use for chronic obstructive pulmonary disease (COPD) and Asthma patients; 90% of whom are known to use their inhalers incorrectly. Late last year, BreatheSuite announced its first round of external patient testing in the United States, one of several successes the company boasted in 2020. "After ending the year on an extremely optimistic note, we're excited to see what 2021 will bring," says Vokey, "It is amazing to think about how far we've come, but all the more exciting to focus on our future. We want to set the standard for connected healthcare worldwide in Asthma & COPD, and are excited to do it right here in our province."
BreatheSuite is a Canadian medical technology company founded in 2018 that develops innovative self-management devices that help respiratory patients live longer, healthier lives. The BreatheSuite MDI device is designed to track and train proper inhaler usage, while the BreatheSuite app provides reminders to improve user adherence, and tips on how to improve inhaler technique. For healthcare professionals, patient information is analyzed and communicated to enable real-time monitoring of clients’ inhaler technique and adherence, leading to more effective and personalized treatment plans. For more information visit www.breathesuite.com.