E-health company Magnea raises 1.9 MSEK and signs contract with Attendo
Magnea, which develops advanced motion detection for the healthcare and eldercare sectors, has raised 1.9 million Swedish crowns from the two Swedish business angels Elis Nemes and Karl-Mikael Syding. Elis Nemes at Finninvest AB also joins the board. By measuring specific movements, Magnea motivates patients and users to be physically active, and offers staff an objective tool to measure activity, something that is missing today.
Physical activity is very important, even as we grow older. A healthy 70-year-old loses up to 10 percent of their muscle mass after only 10 days at a hospital or in a nursing home, due to bed rest and inactivity. The investment in Magnea will help to change that number.
– Magnea has developed an exciting and ground-breaking technology that helps people in retirement homes and hospital patients to have a better quality of life by maintaining physical strength and mobility. I am happy to contribute to this activity and is convinced a warm reception of this tool, both in the Nordic region and the entire international market, said Elis Nemes at Finninvest AB, one of the business angels who has invested in Magnea.
Magnea has also entered into agreement with Attendo, the largest private operator within Nordic eldercare. In the spring, Magnea will initially launch its product on two of Attendo eldercare homes in Stockholm.
– Together with Attendo we want to highlight the importance of physical activity in hospital patients as well as seniors in eldercare. Inactivity in hospitals and nursing homes is associated with around 30 secondary medical conditions that in turn lead to longer hospital stays. It costs the community hundreds of millions of crowns every year and is something that can be tackled by healthcare providers focusing on encouraging their users and patients to move around more, says Dr. Johan Hedevåg, founder and CEO of Magnea.
Magnea has its origin in the Clinical Innovation Fellowship, a partnership between Karolinska Institutet, KTH and Stockholm County Council to promote health and medical development. An independent analysis by consulting firm PAREXEL shows that Magnea’s system is dominant; it both reduces the risk of trauma cases, blood clots and pressure ulcers, as well as saves money in the budget of the individual hospitals using the system.
Magnea is in advanced discussions with several other potential customers in the healthcare and eldercare sectors in Sweden and Finland. The company will launch widely on the Nordic market during 2016, and 2017 will be focused on the EU.