The Finnish Nursie Health may revolutionize the way health data is used in the future, for example, to identify symptoms of severe memory disorders. The company participated in HHub’s International Venture Academy investor program in 2021, where it received sparring about focusing business operations and conducting investor discussions. Now their sights are already set on international markets.
Read more about the International Venture Academy here.
Nursie Health is a Finnish health technology company whose self-care application MyNursie helps collect long-term data on an individual’s health and health problems. Based on the data, the application can make recommendations to the user and experts can make the right treatment-related decisions.
– Although there are many different applications on the market designed to support wellbeing, they often focus on identifying symptoms. Long-term work for health monitoring and self-care at home is easily overshadowed, says Timo Airaksinen, Development Director at Nursie Health.
First, domestic references, then to conquer the world
The healthcare sector is tightly regulated in most countries. MyNursie is a CE-marked MDD- compliant Class 1 medical device, which lends it business credibility and opens up new opportunities for international growth.
– At this stage, we are still building good references in Finland, but already looking at global markets. Internationalization will take place especially through partnerships. We are looking for partners who already have extensive customer networks around the world, Airaksinen says.
– During the spring, we will start developing MyNursie 3.0, which meets the MDSAP country-specific requirements for five countries. This makes it easier to enter the market in several countries that have potential for us, such as Australia, Canada or Japan.
Growth especially from health data
In addition to individual treatment recommendations, the goal is to develop data-based health services on a large scale. Airaksinen estimates that the health data business will play a significant role in NursieHealth’s future growth. In the future, silent signals will also be identified using data.
– For example, we can at an earlier stage predict and find the symptoms of serious diseases, such as Parkinson’s disease or Alzheimer’s, which would otherwise go unnoticed, Airaksinen says.
– In addition to insurance companies, pharmaceutical companies are really interested in our service in the context of testing new drugs. MyNursie provides them with a better overall picture of the daily lives and wellbeing of test users.
While NursieHealth produces data as transparently as possible, strong personal protection is at the heart of it.
– No one can be identified from the data. The collection of data is naturally based on individual consent, Airaksinen emphasizes.
International Venture Academy provided clarity on future direction
Nursie Health is one of three International Venture Academy 2021 finalists. The program helped NursieHealth sharpen its business focus and approach financiers from angles that interest them.
– The program helped us especially in clarifying the business model. We understood the value of good references better, and the fact that at this point in our growth we should focus on the B2B market. We also gained new confidence for investor discussions: the significance of a good story, what themes are important to investors, and how credible business figures are produced, Airaksinen lists.
The program contributed to the successful completion of two directed share issues in 2021. The company has been granted EU funding, and there are plans to make extensive use of other financial instruments.
– We now have a clear overall financial plan for the next 24 months. I believe we can avoid the worst pitfalls and situations where a lack of funding would slow growth and development, Airaksinen says.
Check out the 2022 International Venture Academy program and register to the launch webinar on March 31.
Apply for the program here.