Vitalthings: improving people’s lives

With innovation comes a new perception of healthcare and a transformed reality within hospitals and care homes. Vitalthings, based in Trondheim, in the middle of Norway, is a company that has harnessed innovation to reform its products – and, ultimately, its path as a business.

Vitalthings was founded in 2017 by three innovators with different roles but a shared goal: developing new sensor technology. The result was Somnofy, the world’s most precise contactless sleep monitor. The device is small and lightweight. It continuously collects health data, measuring presence, sleep, wakefulness, and disturbances throughout the night.

TECHNOLOGY IN HEALTHCARE

“We realised the vast potential of this technology in healthcare,” says Bård Benum, co-founder and CEO of Vitalthings. “We began collaborating with some of the most renowned sleep researchers in Norway, and together, we were able to classify patients’ sleep patterns throughout the night.” Things quickly accelerated from there, and in 2018, they expanded their product to care homes across municipalities nationwide. Building on Somnofy’s technology, they developed the Guardian M10, the first medical contactless patient monitor in the world. It continuously monitors vital parameters, including respiratory rate and breathing patterns, without physical sensors and integrates with other systems.

It’s no surprise that hospitals are keen on this technology. Vitalthings’ contactless product can be placed anywhere, making it non-intrusive for users, even unlocking opportunities for home-care. This stands in stark contrast to many other medical tools, which often cause discomfort for patients or can only be used in hospitals. Additionally, the vast amount of data collected by Vitalthings’ products create new opportunities: hospitals can receive accurate data, which is then transformed into a user-friendly, implemented platform. “We generate a lot of data. And we can’t foresee today what kind of knowledge this could bring in the future. The potential is huge. We have already digital services on clinical deterioration, and a roadmap with several diagnosis specific algorithms”

INNOVATION BREEDING INNOVATION

Today, 40 Norwegian municipalities and 20 global universities are using Vitalthings’ products. However, this growth doesn’t come without constant fundraising. “I work with funding all the time,” smiles Bård. “As we expand the company, our focus is on Europe first, while continuing to build networks globally. Culturally, Europeans tend to be less risk-averse, but we believe we will attract enough European investors to the company.” The company has been funded through the founders' own money and a local investor network. They also received an EU-guaranteed loan from Norwegian bank DNB - supported by the EIF to scale up its products. Looking ahead, the company is aiming for a larger financing round.

Looking to the future, Vitalthings is exploring room-based solutions, undoubtedly taking the lessons learned from their previous products into account. After all, innovation breeds more innovation.

Location: Trondheim, Western Norway 
Financial Intermediary: DNB
SME: Vitalthings
Sector: life sciences
Number of employees: 35
Financing purpose: scaling
EU financing: InvestEU