Halifax, Nova Scotia — NovaResp Technologies Incorporated (NovaResp), a company dedicated to personalizing CPAP therapy for their users, announced today that it has raised $2.0 million in seed plus funding. This raise was led by Concrete Ventures with participation from Invest Nova Scotia, alongside several angel investors, many of whom were repeat investors. The round will accelerate NovaResp’s product development, regulatory and pre-commercialization efforts as it prepares for a 2024 entry into the $7B US addressable North American CPAP market.
NovaResp’s competitive advantage in the CPAP market will be its next-generation, AI-Enabled, clinically validated and patented algorithm – cMAPTM. cMAPTM has unique advantages that include:
- Compatibility with any CPAP machine, including NovaResp’s
- Prediction of all apnea events, resulting in the prevention of apnea [Reduction of apnea and hypopnea index (AHI)]
- Reduction of therapy air pressure, addressing a common source of patient discomfort
- Improved adherence for patients that have experienced discomfort
- Reduction in size and power consumption, for next-gen miniaturized CPAPs
- True AI-enabled comfortable and personalized patient care
- Reduction of environmental waste and production pollution per unit
“Early prediction of apnea events permits the use of a lower air pressure for patient intervention, which in turn contributes to greater patient comfort. Looking forward, this can also lead to dramatic reductions in the size, power consumption and complexity of PAP machines”, said Hamed Hanafi, CEO of NovaResp.
“cMAPTM provides an opportunity to collect richer user information for data analytics and true personalized therapy. Ultimately, a better CPAP experience will lead to better user adherence and potentially improved health outcomes.”
“Other than our investors, I wish to extend a special thank you to our supporters–the Government of Canada through the Atlantic Canada Opportunities Agency (ACOA) and the National Research Council of Canada Industrial Research Assistance Program (NRC IRAP), BioNova, and the Nova Scotia Innovation Hub.”
NovaResp has developed cMAPTM based on tens of thousands of apneas collected from in-home patient CPAP machines. cMAPTM was then validated in a double-blind sleep lab study using current in-market CPAP machines at the QEII hospital in Halifax, Nova Scotia.
“Sleep apnea is a serious condition that affects millions of people, causing a variety of health issues if left untreated. NovaResp’s innovative technology is a true example of how AI-enabled technology can improve patient outcomes and revolutionize healthcare, by providing personalized, comfortable, and effective CPAP therapy.” said Patrick Hankinson, Partner at Concrete Ventures.
About NovaResp Technologies Incorporated
NovaResp Technologies Incorporated is a Canadian corporation with the vision of making airway management self-learning and adaptive to patients’ needs. NovaResp’s core capability is in the areas of machine learning and artificial intelligence. The company’s lead product, cMAPTM is an AI-enabled software that can be installed on any positive airway pressure (PAP) machine to predict and prevent apneas. With cMAPTM, patients experience fewer apneas and breathing pauses per hour compared to the state-of-the-art CPAP devices in the market. Additionally, PAP therapy can be performed at a lower, more comfortable air pressure leading to improved patient adherence, the main driver of innovation in the CPAP market.
Contacts
Dr. Hamed Hanafi
Info@NovaResp.com
