NORDICHEALTHTECHSHOWCASING

24

NORDICSTARTUPS

1The Nordics and Japan have much in common, and face manyof the same challenges. Both regions are relatively affluent,and technologically advanced; moreover, both face an aging
population and a dwindling workforce, necessitating innovative
solutions in healthcare technologies.
With this in mind, both the Nordics and Japan can begin tolook to the future — together. We need to find smarter ways ofworking. We need to stop preventable medical conditions fromarising and find cheaper and more efficient ways of treatingthese conditions when they do manifest. Furthermore, weneed to automate as many tasks as possible, while ensuringthat the manpower in healthcare is optimally used. Having
worked with the Nordic and Japanese ecosystems in the

PREFACEcourse of this project, we have come to believe that a deeper
collaboration between the Nordics and Japan might facilitate
these developments.
This publication was produced by Innovation Lab Asia, a nonprofit, community-based initiative that connects the Nordic

This report introduces 24 Nordic Healthtech startups
to a Japanese audience, specially chosen for theirrelevance to the Japanese market.

and Japanese startup ecosystems.
Innovation Lab Asia is a collaboration between Asia House
Denmark and TechBBQ and works closely with partners acrossthe Nordics including Copenhagen Capacity, Copenhagen
Healthtech Hub, Public Intelligence, Enter Espoo, Maria 01,

For further information and guidance, contact:

Startup Norway, Icelandic Startups and Nordic Innovation
House Tokyo. Innovation Lab Asia is supported by the Danish

ASIA HOUSE

Industry Foundation and Nordic Innovation.

Peter Johansen, pj@asia-house.dk
Kenken Aoshima, ka@asia-house.dk (Japanese speaker)

We hope this report will inspire Japanese investors and2stakeholders to explore new opportunities within Nordic

TECHBBQ

Healthtech to the mutual benefit of all parties involved.

Julian Nielsen, jni@techbbq.org (Japanese speaker)

3

INDEX

4

07
11
12
15
16
19
20

Introducing Nordic Healthtech
Augmentedhearing.io
BioLib
Cerebriu
CognuseKamu Health
MedicPen

35
36
39
40
43
44
47

PrecureRadiobotics
Reon
Rotapure Lab Instruments
Sani Nudge
Sciar Company
Spermosens

23
24
27
28
31
32

MedUniverse
Mentis Cura
Neurescue
Nøie
Nordic Brain Tech
Popit

48
51
52
55
56
60

Tackl
Teal Medical
ThermaiScan
Tiimo
Walk With Path
Nordic Healthtech Hubs

5

INTRODUCINGNORDICHEALTHTECHThe Nordic healthcare ecosystems are globally renowned forproviding efficient, high-quality, population-wide healthcare. These healthcare systems have also provided an ideal
framework for Healthtech innovation centering around thefollowing four characteristics.

Firstly, these healthcare systems have traditionally been

allowing for cross references between registers. The quality

quick to adopt new Healthtech and digital solutions, withof the data is unparalleled among other regions, where dataa particular focus on enabling the elderly and disabled towas mainly collected by private sector insurance companies

function independently in their own homes. This has given local

for administrative purposes. Today, the accessibility of high-companies a perfect opportunity for testing and developing

quality data and biobanks provides the basis for AI-driven

solutions through public-private partnerships, leading to the

Healthtech solutions, as well as strongly documented use

creation of a range of companies that deliver products andcases and Proof of Concepts for Nordic-developed solutions.

services targeting the elderly and disabled people.
Finally, the Nordic countries are characterized by highSecondly, the public healthcare systems - and the Nordic

digital competitiveness and a high level of digital skills in its

societies as a whole - are characterized by a high level of

population. This makes the region well-suited to develop, test

trust in public institutions and between citizens, paving theand launch solutions within telemedicine, digital healthcare,way for the development, piloting, and commercialization ofand ambient assisted living technology.

personalized home medical care.
Thirdly, the public healthcare systems have developed
a unique register of health data dating back to the 1960’s,
67

Today, Nordic Healthtech companies excel in the following
three areas:
Smart digital solutions: E-health and solutions that facilitatecommunication in the health sector, including remote doctorpatient meetings and telemedicine solutions.
Ambient assisted living/care technology: Monitoring, selfcare solutions, rehabilitation equipment, etc.
Personalized care: Products based on collection and/or useof big data to create personalized health solutions.

DEFINING

HEALTHTECH

All the startups showcased in this report are
defined as Healthtech. They bring the powerof software to the health sector, combining
data-driven solutions with machine learning,
artificial intelligence, augmented reality, sensors, and wearables. Healthtech startups all
seek to enable healthy living; they can track,
treat, and diagnose mental and physical conditions, and improve the independence of disabled and elderly people. None of the startups
provide solutions based on living organisms,
i.e. biotechnology.

Not surprisingly, Nordic Healthtech startups have alreadyattracted the attention of Japanese investors in recent years:
Medfiles in 2017, KIDE Clinical Systems and Oncolmmunity in
2018, and Nightingale Health, Combinostics and Meru Healthin 2019.
Nordic Healthtech has never been more relevant, especially inthe wake of the present COVID-19 pandemic. Many of the mostvulnerable patients lack proper care or find themselves at risk
for infection when visiting hospitals and clinics. The pandemic
has not only strained healthcare systems across the world, butalso exposed some of their fundamental weaknesses.
There is an urgent need for introducing solutions that enableremote monitoring and treatment of patients, and provide tools
for prevention, earlier diagnosis, and self-help. These are all
fields in which the Nordics are leaders.
The following section will showcase 24 Nordic Healthtech
startups; their solutions, their product fit to the Japanesemarket and their ambitions in Japan.

8

9

ENHANCING AND PERSONALISINGHEARING EXPERIENCES FOR
HEARABLE USERSAUGMENTEDHEARING.IO
One in four adults have problems understanding speech in noisy

Ambitions in Japan:

environments. Also, 95% of adults suffering from mild hearing
loss avoid hearing aids due to concerns of compromised

Augmentedhearing.io is looking for distribution partners andsound quality in hearing aids. With the drastic increase in video

funding.

conferencing as a result of the COVID-19 pandemic, hearing
difficulties have become more prevalent and apparent than

Watch augmentedhearing.io’s video pitch

ever. Many struggle to understand what is being said acrossnoisy and unstable connections, and experience so-called“Zoom fatigue”.
Augmentedhearing.io has developed an AI-powered cloud
solution that improves speech perception in hearables – a fast
growing consumer product. The product is a smartphone appthat connects to and adjusts hearables’ audio processing to				COMPANYDATACountry:
Year of establishment:
Founders:
Revenue 2019 (EUR):
No. of employees:
Funding type:
Funding stage:
Investors:
10

Primary contact:changing soundscapes, instead of the fixed calibration foundDenmark
2020
Michael Kai Petersen
0 (pre-revenue)
1-9
Bootstrapping
Pre-seedAWS Activate

in existing hearables. The app reduces “Zoom fatigue” byMichael Kai Petersen , Co-Founderlearning voice characteristics and adapting amplification to themichaelkaipetersen@gmail.com

individual’s preferences.

augmentedhearing.io

Subsequent product releases will extend AI-augmented
hearing to real-life listening scenarios, by crowdsourcing
the learning of preferences through “users like me in similar
contexts”.

11

BUILDING AN OPEN LIBRARY FOR
LIFE SCIENCE ALGORITHMS ANDDATA ANALYSIS TOOLSBIOLIB
Drug discovery and development is infamously expensive andAmbitions in Japan:

slow. While new data sources and breakthroughs in machinelearning have the potential to transform how we do life science,

BioLib’s purpose is to accelerate innovation and collaboration

getting the newest computational tools and algorithms in thein the global bioinformatics community. With one of the mosthands of the researchers that need them remains a challenge.

expansive life science and biopharma sectors in Asia, Japanis a key actor regionally and globally. BioLib is interested in

BioLib is a platform that increases the impact and reach ofconnecting with Japanese project partners from academia

bioinformatics research. With BioLib, it is easy to build, share,

and the wider biopharma ecosystem.

and run bioinformatics applications.
Primary contact:
On BioLib, scientists from across the research community canaccess a global library of data analysis tools. All tools can be

Jørn Emborg, Founder / Enterprise Leadrun without having to code, and all computation happens in ajorn@biolib.com

sandboxed environment, ensuring that sensitive biomedical

biolib.com

data stays protected.

				COMPANYDATACountry:
Year of establishment:
Founder:No. of employees:
Funding type:
Funding stage:
Investors:
12

Denmark2019
Jeppe Hallgren, Mads Brøgger,
Jakob Hautop, Jørn Emborg
1-9
VC
Pre-seed
Nordic Makers, Nordic Web, Nina Capital
13

PROVIDING FASTER PERSONALIZEDDIAGNOSTIC IMAGING

CEREBRIU
Cerebriu has developed a smart protocol technology that

Ambitions in Japan:

accelerates brain MRI scan acquisition and patient treatmentby providing real-time detection of critical pathologies, thereby

Cerebriu is looking for radiology and hospital partners seeking

improving workflow efficiency, quality, and patient outcomes in

to optimize their brain MRI workflow process.

diagnostic imaging.
Watch Cerebriu’s video pitch
Cerebriu’s Apollo product is powered by state-of-art machinelearning methods and accelerates MRI scan acquisition andpatient priority by providing appropriate patient triage and
PACS support. Ultimately this results in improved productivity,
prioritizing the right patients at the right time with lessinvolvement from clinicians.

				

COMPANY

DATA

According to a hospital survey conducted by Japan’s MinistryPrimary contact:

of Health, Labour, and Welfare in 2015, Japan needs more thanCountry:
Year of establishment:
Founders:
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No. of employees:
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Accumulated investment:
Investors:
14

Denmark
2018
Akshay Pai, Robert Lauritzen, Erik Dam,
Mads Nielsen, Martin Lillholm
0 (pre-revenue)
20-49
Bootstrapping / Grants / Angel / VC
Seed
JPY 380 million
Vaekstfonden, Crista Galli Ventures,
Innovation Fund Denmark, KMD Venture

twice as many full-time diagnostic radiologists to analyse

Akshay Pai, Co-founder / CTO

all CT and MRI reports. Cerebriu’s Apollo system may help to

ap@cerebriu.com

ameliorate this shortfall.

cerebriu.com

15

PROVIDING DIGITAL SOLUTIONS FOR
ENHANCING CARE QUALITY AND PATIENT
SAFETYCOGNUSE
Cognuse builds digital health solutions for healthcare staff

Ambitions in Japan:

and patients with a focus on improving guidelines adherence,enhancing care quality, patient safety and outcomes acrossCognuse is looking for funding, distribution partners, clients,

the care continuum.

and R&D capabilities. By entering the Japanese market,
Cognuse would be able to widen their investment strategy andCognuse’s core product, CoNurse, is a voice-guided protocol

increase scaling opportunities.

adherence and deployment application that improves quality
and standardisation of healthcare. CoNurse supports staff

Watch Cognuse’s video pitchby providing step-by-step, institution-specific guidelines forclinical protocols and workflows for non-routine procedures
and emergency situations, significantly reducing preventable
adverse events, the main non-reimbursable cost driver in				healthcare. CoNurse also allows for more cost-effective
onboarding of new staff.
Cognuse investors and partners include Johns Hopkins

COMPANY
Primary contact:

University, 500 Startups, Philips, the Red Cross, the Estonian
Government, and the German Agency for International

Andres Mellik, Founder / CEO

Cooperation (GIZ).

andres@cognuse.com
cognuse.com

16

DATA

Country:
Year of establishment:
Founder:
Revenue 2019 (EUR):
No. of employees:
Funding type:
Funding stage:
Accumulated investment:
Investors:

Estonia2012
Andres Mellik
100,000 - 499,999
10-19
Bootstrapping / Grants / Angel / VC
Series A
JPY 93 million
EASME-EU, 500 Startups, Dreamit
Ventures
17

HELPING CHRONIC RESPIRATORYPATIENTS MONITOR AND MANAGE
THEIR LUNG CONDITION

KAMU HEALTH
KAMU Health has developed a digital tool that helps patients

Ambitions in Japan:

with chronic respiratory issues monitor their lung condition
from their home, enabling them better predict changes in

KAMU Health is looking for partnering opportunities with

their conditions and take proactive measures to address thoseestablished players in the area to help manage respiratorychanges.

conditions and the economic burden they cause.

The solution improves the quality of life for patients by removing

Watch KAMU Health’s video pitch

uncertainty and improves patient–doctor communicationby sharing data with the doctor. KAMU Asthma combines
accurate, clinical grade technology with a modern, mobile
consumer experience.
				

COMPANY

COVID-19 pandemic, as it facilitates quality care in a time

DATA

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Year of establishment:
Founders:
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No. of employees:
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18

KAMU Asthma is particularly relevant during the present
when healthcare systems across the world are under extreme
Finland2017
Seppo Salorinne, Petri Louhelainen,
Yrjö Salorinne
0 (pre-revenue)
1-9
Grants / AngelSeed
JPY 124 million
Business Finland, Vertical Accelerator

Primary contact:pressure. It also makes it possible for these very vulnerable
patients to self-isolate, as their need to visit clinics is strongly

Seppo Salorinne, Co-founder / CPO

reduced.

seppo@kamuhealth.com
kamuhealth.com

19

ENSURING PATIENTS THE RIGHTMEDICINE AT THE RIGHT TIME

MEDICPEN
MedicPen develops comprehensive solutions for medicine

Ambitions in Japan:

management, making it easier for doctors, healthcare workers
and patients alike to manage medications.

MedicPen is looking for sales channels and distribution
partners.

MedicPen provides automatic medicine dispensing, real-timemonitoring, and traceability of medical use. This increases

Primary contact:

compliance, improves drug adherence and efficiency, andreduces drug loss and waste.

Jan Andersson, CEO
jan.andersson@medicpen.com

As MedicPen solutions are integrated and connected withmedicpen.com

healthcare systems, dose changes can be made remotely,
reducing the need for patients to visit doctors and health clinics
for medicine management. This in turn reduces the pressure
on the healthcare system and lowers the risk of transmitting
COVID-19 to vulnerable citizens.
MedicPen solutions are scalable and adaptable to different
needs and integrated with the IT environment.

				

COMPANYDATACountry:
Year of establishment:
Founder:
Revenue 2019 (EUR):
No. of employees:
Funding type:
Funding stage:
20

Sweden2006
Cristian Hallin
100,000 - 499,999
1-9Grants / Angel / VC
Series C and above
21

BRIDGING THE COMMUNICATION GAP
BETWEEN THE PHARMACEUTICAL
INDUSTRY AND HEALTHCAREPROFESSIONALSMEDUNIVERSE
Pharmaceutical companies with novel treatments often have

Ambitions in Japan:

difficulty in reaching and communicating with healthcare
professionals.

Thislimitstheimplementation

of

new

One of the founders of MedUniverse has experience living intechnologies and treatments, which negatively impacts patientJapan, and therefore the company feels a special connection to

outcomes.

the country. They have already established a partnership with
Takeda to accelerate patient access to innovative medicines,

MedUniverse has developed a digital platform that facilitates

and are looking for distribution partners, clients, funding, andengagement between life science companies and healthcare

new talents to join their team.

professionals. Companies can market and inform stakeholders
about their products and treatments on a digital platform by

Watch MedUniverse’s video pitch

creating hypothetical “patient cases.” These cases serve as an
educational demonstration of the needs and perspectives of				COMPANY

offers engagement metrics for companies to help them analyze

DATA

Country:
Year of establishment:
Founders:
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22

both patients and healthcare professionals. The platform also
knowledge gaps and iterate and update their marketing andSweden2009
Anna Omstedt, Anna Norin
1-9,999
1-10
Bootstrapping / Angel
Series A
JPY 130 million
Founders, 20 North Street,and private angel investors

educational materials.
MedUniverse’s vision is to become the industry standard

Primary contact:

facilitator of the important dialogue between pharmaceuticalcompanies and healthcare professionals. The platform currently

Anna Omstedt , Co-Founder / CEOserves more than 15 global pharmaceutical companies acrossanna.omstedt@meduniverse.com

different therapeutic areas, supports 28 languages, and allows

meduniverse.com

for instant omni-channel distribution.

23

COMBINING ELECTROENCEPHALOGRAMSAND AI TO DIAGNOSE CENTRAL NERVOUS
SYSTEM DISORDERS

MENTIS CURA
Currently, doctors can diagnose a person with dementia;

Ambitions in Japan:

however, determining the exact type is more difficult. ADHD
poses different challenges, as this condition is diagnosed from

Mentis Cura began conducting clinical studies in Japan in 2018,

behavioural patterns, which are easily influenced by highly

and has set up a local subsidiary company. Currently, they wantsubjective information provided by close observers. However,to strengthen collaborations with Japanese pharmaceuticalboth are examples of central nervous system dysfunctions.

companies operating in brain health, and are looking for
distribution partners, clients, and funding.

Mentis Cura has developed cost-effective biomarker solutions
to help doctors diagnose a wide variety of brain health disorders

Watch Mentis Cura’s video pitch

using electroencephalogram (EEG) and AI. Their first CE marked
software, Sigla, is a fast and affordable alternative to MRI
scanning that allows differential diagnosis between dementia
				with Lewy Body and Alzheimer’s Disease, contributing to more
early diagnosis and patients receiving the correct treatment.

COMPANY

Their second CE marked product, Katla, will identify
physiological markers, thereby providing a reliable prognostic

Primary contact:and diagnostic marker for ADHD. The data-driven approachprovides the patient and their family added certainty andClaire Button , CEOaccess to appropriate treatments.

claire.button@mentiscura.com
www.mentiscura.com

Mentis Cura’s technology platform has immense potential totransform the standard of care and treatment development
programs for brain health disorders.
24

DATA

Country:
Year of establishment:
Founder:
Revenue 2019 (EUR):
No. of employees:
Funding type:
Funding stage:
Investors:

Norway2004
Kristinn Johnsen
10,000 - 99,999
10-19Angel / Grants
Seed
Research Council of Norway,
Nyskopun, and angel investors
25

PROVIDING BREAKTHROUGH
TREATMENT FOR CARDIAC ARREST AND
HEMORRHAGE

NEURESCUE
Cardiac arrest is the leading cause of death globally, killing up

Ambitions in Japan:

to 9 million people annually, including 200,000 in Japan every
year. Today, the treatment consists of chest compressions andNeurescue is looking to connect with distribution partners,

defibrillation, and only 10% survive with the current treatment.

preferably with experience with the Japanese PMDA process
and reimbursement system, and knowledge of the trauma andNeurescue seeks to improve the current low survival withcardiac arrest market. Neurescue is also interested in exploring

their breakthrough device, the world’s first computer-aided

a strategic partnership for funding or acquisition.

aortic occlusion catheter with pressure-controlled inflationand position feedback. The balloon is advanced into the aorta

Watch Neurescue’s video pitch

through the femoral artery and temporarily inflated, thereby
redirecting blood flow to the heart and the brain. The increased

				

COMPANYblood flow may increase the chance of immediate resuscitationfrom chest compressions and defibrillation, but may also

DATA

increase the treatment time window, allowing the patient moretime to receive advanced treatments.

Country:
Year of establishment:
Founder:
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No. of employees:
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Investors:

26

Denmark
2014
Habib Frost
0 (pre-revenue)
1-9
Grants / Angel / VC
Series A
JPY 1.4 Billion
TAG Holding, GreenOcean Capital,
Nina Capital, Nordic Impact, and several
Scandinavian life-science angel investors

The Neurescue device is currently being investigated forPrimary contact:

cardiac arrest treatment, with the potential to increase survivaland neurological outcome. At the time of writing, the company

Bjørn Broby Glavind, COO & Co-founder

has submitted their FDA 510(k) marketing application for thebjorn.broby@neurescue.com

treatment of hemorrhage. Neurescue also holds patents forneurescue.com

other automated devices for life-saving procedures, such as
automated catheter insertion into blood vessels.

27

PRODUCING OPTIMIZED SKINCARE
SOLUTIONS BASED ON CUSTOMISEDINGREDIENT COMBINATIONSNØIEThe brand name, Nøie, means “careful, accurate, andAmbitions in Japan:

meticulous” in Danish. This reflects their approach to finding
skin care solutions that work for every individual skin type.

Nøie is passionate about bringing Danish customised skincare
to Japan and are looking for partners to research and launch

The team behind Nøie spent three years analysing data fromon the Japanese market.

more than 60,000 people suffering from skin issues such as
psoriasis, dermatitis, and acne. They also screened thousands

Primary contact:of skincare products on the market, selected the best 515 andcarefully studied scientific research involving the individual

Chris Lykke Christiansen, Co-founder

ingredients and their effects.

chris@noie.com
noie.com

In collaboration with data scientists and skin experts, Nøie
combines medical knowledge with machine learning to develop
an algorithm that identifies the optimal ingredient combination

				

COMPANYDATA

for any individual. With this innovative approach, Nøie seeks toprovide optimal skincare for all skin types and symptoms.

28

Country:
Year of establishment:
Founders:
Revenue 2019 (EUR):
No. of employees:
Funding type:
Funding stage:
Accumulated investment:
Investors:

Denmark
2018
Daniel Jensen, Chris Lykke Christiansen
100,000 - 499,999
1-9Grants / Angel / VC
Series A
JPY 500 million
LEO Pharma, PreSeed Ventures, Seed
Capital, Vaekstfonden, Thomas Ryge
Mikkelsen
29

DEVELOPING DIGITAL MIGRAINETREATMENT BASED ON SELF-ASSISTEDBIOFEEDBACKNORDIC BRAIN TECH
Biofeedback is the process of gaining greater awareness of

Ambitions in Japan:

physiological functions of one’s own body, by using electronicor other instruments. Nordic Brain Tech has developed a

Nordic Brain Tech wants to partner with health insurance,

remote, self-assisted biofeedback treatment for people withpharma and/or consumer electronics companies looking for

migraines that uses smartphones and wireless sensors to give

digital solutions to treating and alleviating headache diseases.

the patient a personalized treatment plan.

Nordic Brain Tech is also looking for partners to establish earlycollaborations on how their products fit into the Japanese user

Nordic Brain Tech has also developed Brain Twin, a digitalgroups and market segments.

headache diary that can be used as a tool for diagnosis and				

COMPANY

DATA

follow up for anyone experiencing headaches.

Primary contact:

Nordic Brain Tech seeks to improve brain health and treat

Cathrine Ro Heuch, CEOmigraines and other neurological diseases using deep learning.

cathrine@nordicbraintech.no

Nordic Brain Tech introduces a complete home-based migraine

nordicbraintech.com

treatment that empowers users with an affordable treatment
Country:
Year of establishment:
Founders:

Revenue 2019 (EUR):
No. of employees:
Funding type:
Funding stage:
Accumulated investment:
Investors:
30

Norway2019
Cathrine Ro Heuch, Marcus Engebretsen,
Stefan Borg, Anker Stubberud, Alexander
Olsen, Erling Tronvik
100,000 - 499,999
1-9
Bootstrapping / Grants / AngelSeed
JPY 56 million
Startup Lab, Business Angels

option.
With 6% of the Japanese non-elderly population sufferingfrom migraines in any given year, home-based treatmentof migraines can save the Japanese society huge costs by
reducing sick leave and loss of productivity.

31

PROVIDING THE WORLD’S SMARTEST
PILL REMINDER TO REDUCE MISSED
MEDICATIONS AND IMPROVE QUALITY
OF LIFE

POPIT
According to the World Health Organization (WHO), 50 % of

Ambitions in Japan:

patients miss medications. This medication non-adherence
has many reasons, but the biggest one is also the simplest:

Japanese consumers are very interested in new innovations,forgetting. In Japan, spending on medicines in 2019 totalled

which is one of the reasons Popit has already shipped their firstalmost 10 trillion yen. What if even 1% of that could be saved?

products to Japan. The first reviews have been overwhelmingly
positive, so Popit is now looking for more clients in Japan andPopit has developed a device that can be connected to patients’possibly also funding.

medication pack where it detects how medications are taken.
This data is sent to a medically certified app that reminds the

Watch Popit’s video pitchpatient of missed medication when necessary. The system isclinically validated to reduce missed pills by over 80%, thus				

reducing waste and improving treatment.

COMPANYThe anonymous data is also sent to the cloud, which sends

DATA

customized support messages. Popit improves patientadherence and treatment outcomes, provides data on how
and when medication is consumed, provides direct accessPrimary contact:

to the patient, and adds medication-intake data to telehealthplatforms.

Timo Heikkilä, Co-founder / COO
timo@popit.io

Popit provides solutions for both individual customers aswell as healthcare systems and pharmaceutical companies,
including Pfizer, Novartis, Almirall and Fermata.

32

popit.io

Country:
Year of establishment:
Founders:
Revenue 2019 (EUR):
No. of employees:
Funding type:
Funding stage:
Accumulated investment:
Investors:

Finland2015
Timo Heikkilä, Teemu Piirainen,
Marko Nirhola
100,000 - 499,999
1-9Angel / VC
Series A
JPY 150 million
Butterfly Ventures, Amor & Labor Oy,
Business Finland
33

PREVENTING MUSCULOSKELETALDISORDERS SUCH AS TENNIS ELBOW AND
LOWER BACK PAIN

PRECUREPRECURE has developed a smart wearables solution that

Ambitions in Japan:

monitors and transmits the user’s muscle activities to a

PRECURE considers Japan a key market for their products andsmartphone app. The user gets feedback on the muscle load

is keen on establishing partnerships with Japanese healthcare

enabling the users to adjust work behaviour when the strain

stakeholders. PRECURE is also looking for funding, clients,

level is high and thus reduce the risk of musculoskeletal

distribution partners and new ideas.

disorders.
Watch PRECURE’s video pitch
The solution is based on IoT and AI-technology and helps
individuals, companies, insurers, and society. As data is stored
in the cloud, the company gets insights to reduce the risk andfrequency of injury-causing behaviours. This will protect theiremployees, save costs, and improve productivity. Healthcare
insurers will also benefit, as claims will decrease.
Studies show that work-related musculoskeletal injuries such

				

COMPANY34

as tennis elbow and back pain impose a substantial burden on

DATACountry:
Year of establishment:
Founders:
Revenue 2019 (EUR):
No. of employees:
Funding type:
Funding stage:
Accumulated investment:
Investors:

Primary contact:

Denmark
2016
Finn Bech Andersen
10,000 - 99,999
10-19
Grants / Angel /VC
Seed
JPY 57 million
Sparbo Finans, Bornholm’s Business
Foundation

the Japanese workforce. Smart technology to prevent such

Finn Bech Andersen, CEOinjuries and disorders would be beneficial for Japan, who will

fba@precure.dk

be facing challenges presented by an aging workforce in the

precure.dk

near future.
Additionally, during the COVID-19 pandemic, ergonomic andrepetitive strains are expected to increase due to a prolonged
period of remote work. PRECURE’s technology allows
employers to ensure a higher level of health and safety for theiremployees, even in remote conditions.
35

DEVELOPING AI POWERED IMAGING TOOLSTO AUTOMATE READING OF BONE AND
JOINT X-RAYS

RADIOBOTICS
There is a global shortage of experienced radiologists, andAmbitions in Japan:

even routine x-ray analysis can be a time-consuming process.
As a result, many patients aren’t getting their diagnoses in time

With an ageing population and an acute lack of radiologists,— and when they do, there is a high risk of misdiagnosis due tothere is a strong potential for Radiobotics’ solution to be

human error.

implemented in Japan. Radiobotics is looking for distribution
partners, clients, and new ideas.

Radiobotics provides an AI-based decision support tool that
replicates the work of an expert radiologist, delivering more

Watch Radiobotics’ video pitch

consistent analysis than visual inspection alone. The output
is provided as a structured text report with findings and				conclusion, along with a visual overlay explaining each finding.
This also ensures a high reporting uniformity across hospitals,

COMPANY

enabling more effective management of patient records.
The tool has been developed in close collaboration with clinicians

36

so as to address their specific needs and requirements.

Primary contact:

Having obtained its first CE-mark in 2020 and awaiting FDA

Stine Mølgaard Sørensen, Co-Founder / COO

clearance in 2021, Radiobotics is ready to accelerate theirstine@radiobotics.com

growth and provide the next big breakthrough in radiology.

www.radiobotics.com

DATA

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Founders:
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Funding type:
Funding stage:
Accumulated investment:
Investors:

Denmark
2017
Mads Jarner Brevadt, Pavel Lisouski,
Martin Axelsen, Stine Mølgaard Sørensen
0 (pre-revenue)
10-19
Bootstrapping / Grants / Angel / VC
Seed
JPY 560 million
EASME, Data Pitch, inQvation, Bjerg,
PreSeed Ventures, Crista Galli Ventures,and several business angels
37

PROVIDING HAPTIC TECHNOLOGY FOR
A NEW GENERATION OF SURGEONS

REON
Reon is a product development company that focuses on

Ambitions in Japan:

both physical and digital product development and provides awide range of services including design sprints, UX/UI design,

Reon sees a huge market potential in Japan and is looking forsoftware development, apps, web-systems, e-commerce,

partners to assist in market entry.

bots, machine learning, and automation. Now, Reon is applying
their skills and knowledge within haptic technologies to thePrimary contact:

medical sector.
Ásþór Tryggvi Steinþórsson, Lead Engineer

Haptic technology is a growing area of medical intervention

asthort@reon.isthat enhances remote control of medical devices throughreon.istactile interactions. Reon is currently developing compliant
haptic mechanisms for laparoscopy, which will drastically				

COMPANYDATACountry:
Year of establishment:
Founders:
Revenue 2019 (EUR):
No. of employees:
Funding type:
Funding stage:
Accumulated investment:
Investors:
38

increase safety and minimise risk of errors during surgeries.
Until recently, the training times for new surgeons were timeIceland
2011
Elvar Thormar,Ásþór Tryggvi Steinþórsson
500,000 +10-19
Bootstrapping / Grants
Series A
JPY 66 million
Technology Development Fundconsuming and strenuous; however, now they can benefit fromtraining and operating with instruments that offer full tactile
feedback, thereby reducing the training times and increasing
operating safety.

39

HELPING LAB WORKERS ANDRESEARCHERS WORK FASTER AND
SMARTERROTAPURE LABINSTRUMENTThe Rotapure Lab Instrument system simplifies key research

Ambitions in Japan:

workflows in laboratories working with human biology. The
Rotapure system consists of a patented rotator and a highRotapure is looking for local distributors to deal and promote

capacity tube rack that allows handling of laboratory samples

their products and create a sales channel in Japan. They wouldin large batches.

also like to connect with end users in the biotech, pharma, andhospitals sector who want to save time and effort for their lab

As a result, lab workers can increase their workload capacity,

workers.

improve consistency, save time, and greatly increase
productivity. The measured benefits of the Rotapure Rotator

Watch Rotapure Lab Instrument’s video pitchsystem for a workflow with 120 tubes is 50%-time savingsand 4800 avoided repetitive movements for each sample

				

preparation workflow of 10 iterations of mixing/centrifugation.

COMPANY

Primary contact:
Peter Munkholm Nielsen, Co-founder
pmn@rotapure.dk
rotapure.dk
40

DATA

Country:
Year of establishment:
Founders:
Revenue 2019 (EUR):
No. of employees:
Funding type:
Funding stage:

Denmark
2014
Janus Schou Jakobsen, Steen Nielsen,Peter Munkholm Nielsen
0 (pre-revenue)
1-9
Bootstrapping / Grant
Pre-seed
41MEASURABLY BETTER HAND HYGIENE
IN HEALTHCARE ORGANIZATIONSUSING DATA-DRIVEN SOLUTIONSSANI NUDGE
Hand hygiene compliance is one of the most critical patient

Ambitions in Japan:

safety measures in healthcare institutions. However, it has
been extremely difficult to know who is sanitizing their hands

Sani nudge is looking for distribution partners and clients tocorrectly.

help them expand into the Japanese market.

Sani nudge provides a data-driven hand hygiene measuring

Watch sani nudge’s video pitchsolution that provides valuable insights on employee handhygiene habits and patient contact. The solution consistsof wireless sensors at sanitization points and IDs placed on
employee name badges. The sensors record employees’ soap
or sanitizer dispenser usage and direct patient interaction,

				

COMPANYand transfer the data to a comprehensive user dashboard foranalysis and follow-up. Clinical tests have found that the sani

DATA

nudge solution increases hand hygiene compliance twofold,Primary contact:

reduces infections in both employees and patients, andCountry:
Year of establishment:
Founders:
Revenue 2019 (EUR):
No. of employees:
Funding type:
Funding stage:
Accumulated investment:
Investors:
42

Denmark
2015
Theis Jensen, Morten Egholm,
Marco Bo Hansen
0 (pre-revenue)
10-20
Grants / Angel / VC
Seed
JPY 260 million
InQvation,
Pre-seed investment (Equity)

decreases sick leave taken by employees.

Nancy Carleton, Head of Marketingnc@saninudge.com

According to the Journal of Hospital Medicine, a group ofsaninudge.com

researchers found suboptimal hygiene adherence in the three
Japanese hospitals they studied. Implementing sani nudge
therefore has immense potential for improving hand hygieneand preventing outbreaks of healthcare acquired infectionsin Japan. With the ongoing COVID-19 pandemic, this is more
important than ever.
43

DEVELOPING QUALITY MANAGEMENTSOFTWARE WITH AUGMENTED REALITYWORKFLOW AND AUTOMATIC
DOCUMENTATIONSCIAR COMPANY
Augmented Reality (AR) technology is revolutionising the

Ambitions in Japan:

manufacturing industry, and the healthtech industry is no
exception. Sciar Company Ltd. creates software to help

Sciar Company Ltd. is looking for investors and potential clientsadvance bio-scientific research by incorporating the latest AR/

for their services.

MR and AI technology into a single, easy-to-use cloud platform.
Watch Sciar Company’s video pitch
Sciar’s SaaS-based AR application enables creation andimplementation of intuitive, interactive work instructions forlaboratory processes. The data from the AR device is managed
by Sciar’s cloud-based quality management software, which
eliminates human errors by keeping track of workflows and				ensuring that each work step is completed correctly. Moreover,the system documents these processes automatically,
thereby increasing worker productivity. Through this platform,

Primary contact:

scientists and laboratories will be able to connect and sharedata across the world.

Kristian Alaviuhkola, COO & Co-founderkristian@sciar.co

The current COVID pandemic requires the industry to be moreagile than ever. Sciar Company’s software has an immense
potential in accelerating bio-tech research.

44

sciar.co

COMPANYDATACountry:
Year of establishment:
Founders:
Revenue 2019 (EUR):
No. of employees:
Funding type:
Funding stage:
Accumulated investment:
Investors:

Finland2018
Kristian Alaviuhkola, Joel Noutere,Felix Erkinheimo
1-9,999
1-9
Bootstrapping / Grants
Pre-seed
JPY 14 million
Business Finland
45

UNCHANGEDREVOLUTIONIZING MALE FERTILITYDIAGNOSTICS

SPERMOSENS
According to a 2016 report by ICMART, Japan has the highest

Ambitions in Japan:

number of in vitro fertilisation cases (IVF), yet the lowest rateof success. Additionally, the WHO reports that 50% of infertility

Spermosens is looking for a strategic partner in Japan who canworldwide is caused by male-oriented issues.

assist them in taking full advantage of this amazing opportunity
and improving the quality of life for couples suffering from

Spermosens

Kushagr Punyani
CSO & Co-Founder

Christian Svensson
CFO

Chemutai Beatrice
Project CoordinatorJohn Lempert
CEO

AB

is

revolutionising

IVF

treatmentbycommercializing the first functional male infertility diagnostic

infertility. Spermosens is striving to create substantial value toall stakeholders involved in IVF treatment in Japan.

device to directly predict the fusion capacity of sperm cells.
Current IVF methods only evaluate sperm cells by their physicalPrimary contact:properties such as motility and morphology; however, these
indicators do not provide the full cause for male infertility.

jsl@spermosens.com

				COMPANY

46

Using

recombinant

proteins,

nanotechnology

andspermosens.com

electrochemistry, Spermosens’ novel diagnostic device helps

DATA

Country:
Year of establishment:
Founders:
Revenue 2019 (EUR):
No. of employees:
Funding type:
Funding stage:
Accumulated investment:
Investors:

John Lempert, CEOpatients and healthcare providers to probe the underlying
Sweden2018
Kushagr Punyani
0 (pre-revenue)
1-9
Angel
Series A
JPY 34 million
Vinnovacause of unexplained male infertility, and direct them to themost suitable IVF treatment.

47

CREATING FUN GAMES TO SOLVESERIOUS PROBLEMS

TACKLAccording to a UNICEF report, Japanese children have theAmbitions in Japan:

second-worst mental well-being among the 38 richest
countries, contributing to poor life satisfaction and high suicide

Tackl is looking to build a network of researchers and eventuallyrates. Limited access to mental health treatment for children

launch their product in Japan.

and young people, including long waiting lists to specialist
health services, further aggravates the problem.

Watch Tackl’s video pitch

Together with an interdisciplinary team of researchers fromthe University of Stavanger and the Norwegian University of
Science and Technology (NTNU), Tackl has designed Habiit:
a smartphone game helping children from 6-12 years create
healthy habits for overcoming school refusal, anxiety, and otherrelated mental health issues. The game connects children,
teachers, child psychologists and therapists, and shows

Primary contact:

major potential for helping to solve mental health problems inchildren.

Sindre Holme, CEO & Co-foundersindre@tackl.notackl.no48

				COMPANYDATACountry:
Year of establishment:
Founder:
Revenue 2019 (EUR):
No. of employees:
Funding type:
Funding stage:
Accumulated investment:
Investors:

Norway2018
Sindre Holme
10,000 - 99,999
1-9
Bootstrapping / Grants
Seed
JPY 12.5 million
Several small investors
49

BUILDING BIGGERHEALTH DATASETS, FASTERTEAL MEDICAL
Digital transformation has major positive impacts on the

Ambitions in Japan:

healthcare industry. However, organisations must adhere
to strict rules around medical data protection, creating a

Teal Medical is looking for distribution partners and clients tobottleneck for research and product development projects.

help them access the Japanese market.

Teal Medical provides a solution to manage and streamline

Watch Teal Medical’s video pitch

health data sharing. They have developed the Teal Engine, asearch tool that enables researchers, hospitals, and companies
to extract large datasets of medical images from hospitalsystems securely, while complying with GDPR and HIPAA. It				also automates the file de-identification process, eliminating
laborious manual work.

COMPANYDATAThe COVID-19 pandemic has highlighted a gap in the digitalCountry:
Year of establishment:
Founders:

Revenue 2019 (EUR):
No. of employees:
Funding type:
Funding stage:
Accumulated investment:
Investors:
50

Denmark
2017
Kasper Marstal, Valentin Rosenberg,
Emil Johansen, Benjamin Legarth,
Zacharias Knudsen, Anders Lykkestrup,
Sigurd Carlsen
10,000 - 99,999
1-9
Bootstrapping / Grants
Pre-seed
JPY 11 million
Innovation Fund Denmark

Primary contact:infrastructure in healthcare. In Japan, where medical images
are dispersed across countless private healthcare institutions,Kasper Marstal, CEO

the construction of this infrastructure is sorely needed. Tealkasper@tealmedical.io

Medical’s solution both facilitates data sharing and enables

tealmedical.io

the public and private sectors to develop strong partnerships,
ultimately accelerating healthcare innovations.

51

PROVIDING A POCKET-SIZED, AI-POWEREDAND SMARTPHONE-BASED SOLUTION FOR
DETECTING BREAST CANCER

THERMAISCAN
Early detection is crucial for successful treatment of breast

Ambitions in Japan:

cancer and recovery. The conventional screening program
consisting of mammography and ultrasound has some

ThemaiScan is operating in Sweden, Armenia and in India

limitations. Younger women (under 45) often have dense

following a win in the prestigious Innovation Challenge

breast tissues, making mammography less effective, and ahosted by the India-Sweden Healthcare Innovation Centre.

huge variation in ultrasound screening capabilities among

ThermaiScan is currently looking for Japanese distribution

clinicians reduces the detection rate.

partners, clients, funding, R&D, and new ideas.

To supplement existing screening methods, ThermaiScan has

Watch Thermaiscan’s video pitch

developed a non-invasive, non-toxic pre-screening solution
				for early stage breast cancer development. The solution iscost-effective, combining a pocket-sized thermal camera, AI

COMPANYand a smartphone, and assesses the risk of early stage cancer

DATA

by measuring temperature differences on skin surfaces. It issimple to use and allows operation by non-specialists.
The solution is unaffected by the tissue density, and is therefore

Primary contact:highly effective as a screening option for younger women;
moreover, the AI brings exceptional accuracy and consistency

Armen Aghinyan, CEO / Thermal Expert

to the assessment.

armen@thermaiscan.com
thermaiscan.com

By incorporating ThermaiScan’s solution, doctors can provide
screening to a larger population, thereby achieving higher
screening coverage of women and helping to save many lives.
52

Country:
Year of establishment:
Founder:
Co-Founders:

Revenue 2019 (EUR):
No. of employees:
Funding type:
Funding stage:
Accumulated investment:
Investors:

Sweden2020
Armen Aghinyan
Arby Leonian, Areg Gevorgyan, Varduhi Shahinyan,
Fredrik Höckerberg Sandholm, Dr Nerses Berberian,
Katarina Dalunde Eriksson, Tigran Vardanyan, Piotr Pietrzak
0 (pre-revenue)
1-9
Bootstrapping / Grants
Pre-seed
JPY 65 million
Self-financed by key members, Almi
53

CREATING A VISUAL DAILY PLANNER APP
DESIGNED TO BE INCLUSIVE FOR PEOPLE
WITH ADHD AND AUTISM

TIIMO
Individuals with neurodiversities such as ADHD and autism

Ambitions in Japan:

often have difficulty planning and organising their everyday
routines, and require assistance to get through the day.

Tiimo has chosen Japan as their first overseas market and arelooking for distribution partners, funding, and R&D partnerships

Tiimo has developed a digital assistive technology app thatto help them get insights and assist with market penetration.

helps neurodiverse people effectively structure and plan theirday. The app makes it easy for users to create and repeat future

Watch Tiimo’s video pitch

activities, add checklists or small reminders, provide discreteand motivational reminders, and celebrate once the activity
has been completed.
				The app helps the users overcome symptoms like memory loss,

COMPANY

DATA

anxiety, and inattention, inspires them to focus on the activity
at hand, and ultimately helps them become more independent

Country:
Year of establishment:
Founders:
Revenue 2019 (EUR):
No. of employees:
Funding type:
Funding stage:
Accumulated investment:
Investors:

54

Denmark
2015
Melissa Azari, Helene Nørlem
10,000 - 99,999
1-9Grants / Angel
Series A
JPY 130 million
Steen Ulf Jensen, Jamie Brokker andJohan Brandt (founders of Kahoot! app)
Capnova, EASME,
The Danish Innovation Fundin their daily lives.

Primary contact:

The app has been named the “Best Social Impact Startup in

Helene Lassen Nørlem, Co-Founder / CEO

Denmark” by Nordic Startup Awards, and is currently used by

hln@tiimo.dk

more than 15,000 people worldwide of all ages and with a wide

www.tiimoapp.com

range of conditions. It is also available in the Japanese appstore where it has attracted a lot of attention. The app will soon
be fully available in Japanese.

55

PREVENTING MOBILITY-RELATED INJURY
THROUGH WEARABLES, INTUITIVE AIDSAND MACHINE LEARNINGWALK WITH PATH
Walk With Path has developed innovative, award winning

Ambitions in Japan:

products that assist people to be more mobile and prevent
falls. Path Finder is a shoe attachment that alleviates ‘freezing’,

Walk With Path is already active in Hong Kong and will soon bea condition primarily seen in patients with Parkinson’s Disease.

launching in Taiwan. They are keen to expand sales to Japan.

Path Feel is a smart insole that improves balance for people

They are currently looking for distribution partners and sales

with sensory deficits caused by chronic conditions such as

channels for their products, Path Finder and Path Feel, along

diabetes.

with future products.

Walk With Path is also working on other novel products for the

Watch Walk With Path’s video pitch

aging market. Japan’s rapidly aging population coupled with
reduced access to daytime care workers makes it increasingly
important for Japanese society to ensure the independence of
its elderly population. The products of Walk With Path have a				great deal of potential for supporting more active lives among
the elderly, while simultaneously reducing pressure on the

COMPANY

Japanese healthcare system.
Primary contact:
Lise Pape, Founder & Managing Director
lise@walkwithpath.com
walkwithpath.com

56

DATA

Country:
Year of establishment:
Founder:
Revenue 2019 (EUR):
No. of employees:
Funding type:
Funding stage:
Accumulated investment:
Investors:

Denmark
2014
Lise Pape
10,000 - 99,999
1-9Grants / Angel
Pre-seed
JPY 420 million
MassChallenge57

MEDICON

VALLEY

Medicon Valley is the name for the Life Science
ecosystem situated in the Greater Copenhagen area, spanning across eastern Denmark andsouthern Sweden. Some important facts about
Medicon Valley:•

Medicon Valley is the third strongest Life Science cluster in the world, and the most dense.

•

Medicon Valley employs over 44,000 people in
the private sector, across 350+ biotech, Medtech and pharma companies with local R&D,
and four global R&D pharmaceutical companies: Ferring, Novo Nordisk, Lundbeck and LEO
Pharma.

•Medicon Valley draws on knowhow and innovation from nine life science universities (all withhospitals), 24,000 life scie ce students, 14,600
researchers and 9,000 PhD students.

•

Medicon Valley is a startup hub with 10 incubators and seven science parks with a major
focus on life science.

R

58

59

ICELAND3

NORDICHEALTHTECH HUBS

1

HealthTech Nordic

2

Medicon Valley Alliance3

Biomedical Center

4

Aleap Incubator

5

Norway Health Tech

6

COBIS

7

Healthtech Hub Copenhagen

8

Welfare Tech

9

H2 Health Hub

10

Stockholm Science City Foundation

11

SWElife

12

Health Capital Helsinki

13

Upgraded

14

Connected Health

15

Health Founders

SWEDENFINLANDNORWAY

12 13
4

5

9 10
11
14 15

ESTONIA
1

DENMARK
6

7

8

2

60

61

STAKEHOLDER OVERVIEW
PAN-NORDIC
1

ORGANISATIONS

HealthTech Nordic (SWE / NO / DK)

COPENHAGEN
6

COBIS

9

H2 Health Hub

Health Capital Helsinki

A meeting place and co-working space for the Swedish

A public alliance of the largest cities, hospitals, and ed-

nies. This is a non-profit collaboration between many

community activities for startups, mid-size compa-

Healthtech community with access to the Karolinska

ucational institutions in Finland, connecting interna-of the other organizations listed here, including CO-nies and industry professionals. COBIS also houses

University Hospital, Karolinska Institutet and a large

tional investors and corporations to opportunities and

BIS, Health Tech Hub Copenhagen and Norway Health

The Bioinnovation Institute, an accelerator founded bynumber of Biotech companies.

partners within the Finnish Life Science community.

Tech.

Novo Nordisk offering mentorship to Life Science en10

Medicon Valley Alliance (SWE / DK)

Stockholm Science City Foundation

13

Upgraded

A non-profit organization connecting the Life Science

A non-profit community of Finnish Healthtech and

Healthtech Hub Copenhagen

community of the Stockholm-Uppsala region, the sec-

Welfare tech startups, connecting ecosystem stake-ence cluster Medicon Valley, providing access to more

A Healthtech hub and co-working space, and the pri-

ond strongest in the Nordics after Medicon Valley. For aholders and providing information.

than 300 members from universities, hospitals, humanmary access point to the Danish Healthtech startup

complete overview of stakeholders in this region, follow

life science business, regional governments, and ser-ecosystem.

this link.

7

vice providers.

REYKJAVÍKTALLINN
14

8

Welfare Tech

11

SWElife

Denmark’s national cluster and hub for innovation andA strategic innovation program that supports collabo-

Biomedical Center

business development in healthcare, homecare, andration within academia, industry and healthcare with

An official collaboration between research groups atsocial services. It also serves as the national entry

the goals of strengthening Life Science in Sweden andUniversity of Iceland and other institutions working inpoint for international companies who want to enter

improving public health.

biomedical molecular Life Sciences.

the Danish market.

Connected HealthA country-wide partnership between health-related
stakeholders in Estonia founded by Science Park Tehnopol, that brings together companies, R&D partners,
health and wellness service providers, patient organisations, user communities, and the public sector.

15

OSLO
4

12

A Biotech incubator offering lab facilities, offices, and

The main entry point for the Danish-Swedish life sci-

3

HELSINKI

The largest community for Nordic Healthtech compa-

trepreneurs and researchers.
2

STOCKHOLM

Health Founders
A Healthtech accelerator combining expertise from

Aleap Incubator

across Estonia’s community of founders, partners, andA non-profit incubator for Healthtech startups situatedinvestors.

in the Oslo Science Park, and supported by Oslo Municipality and Innovation Norway.
5

Norway Health Tech
Norway’s main Healthtech cluster and co-working
space with 270 members, representing the full value
chain of healthcare.

62

For a complete overview of the Nordic Life Science ecosystem, follow this link (courtesy of TechBBQ and Upgraded Finland).
63

This report has been developed by

In a collaboration between

With support from

Asia House
64|

Indiakaj 16, Copenhagen|www.innovationlabasia.dk|

hello@innovationlabasia.dk