The SenseGuard device (Image courtesy of NanoVation)

NanoVation announced today that it received nearly $2.9 million (€2.5 million) in grant funds from the European Union’s Horizon 2020 EIC Accelerator program.

Israel-based NanoVation is developing a respiratory monitoring device using its proprietary nano-sensor technology to manage patients with respiratory conditions including chronic obstructive pulmonary disease (COPD).

The company said in a news release that the grant will be used within its project for its SenseGuard device for monitoring patients at hospitals and at home. The wearable device already obtained CE Mark approval in Europe and is currently deployed in hospitals in Israel and the EU for further clinical research.

“Our pioneering device aims to enable identification of the early signs of deterioration in lung function, and enables early treatment,” NanoVation CEO & co-founder Gregory Shuster said in the release. “The cost of preventive intervention and treatment ranges from tens to hundreds of dollars, while they minimize unnecessary hospitalizations, which would cost between $10,000 and $40,000 for an individual in the U.S. and between €3,000 and €10,000 in Europe, and translate into billions of dollars annually for the entire health system.”

$1 = €0.875154