MELBOURNE, Australia, 19th August 2024 - Diag-Nose.io, an Australian healthtech trailblazer that’s on a mission to improve a billion lives globally, has been awarded $50,000 matched funding from the Victorian Government’s Medtech Market Growth Program. This boost will accelerate the commercialisation of their innovative AI-enabled diagnostic tools for chronic nasal and airway disorders.

"We're thrilled to receive this funding, which fast-tracks our mission to bring cutting-edge technology to market that will revolutionise the way clinicians diagnose and treat chronic respiratory illnesses and importantly, enhance patient care and recovery," said Eldin Rostom, CEO and Co-Founder of Diag-Nose.io.

Diag-Nose.io’s flagship product, RhinoMAP, uses proprietary protein chemistry and AI to map out biological subtypes of chronic respiratory disorders. This enables faster, more precise treatment decisions, reducing costs and improving patient outcomes.

Over a third of Australians suffer from chronic respiratory conditions, including chronic sinusitis, asthma, and allergic rhinitis*.

Minister for Jobs and Industry Natalie Hutchins announced the $1 million MedTech Market Growth Program, supporting 20 medtech startups with matched funding to bring life-saving products to market. The program, a collaboration between the Australian Medtech Manufacturing Centre and LaunchVic, Victoria’s startup agency, aims to drive innovation, attract investment, and create new jobs in Victoria’s booming medtech sector.

“We’re thrilled to support Diag-Nose.io in their mission to build the future of respiratory care via matched funding from the Medtech Market Growth Program,” said LaunchVic CEO Dr Kate Cornick.  

“Victoria is renowned for its strengths in medtech, and this is reflected in our startup ecosystem, with close to 1 in 5 startups working in this space and the sector attracting the highest share of VC investment in 2023.”

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Medtech is one of the fastest growing sectors in Victoria’s economy, with 650 medtech companies employing approximately 6,000 people and generating $1.4 billion in value.

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REFERENCES

*Australian Government, Department of Health. Chronic respiratory conditions Chronic respiratory conditions, Summary - Australian Institute of Health and Welfare (aihw.gov.au)

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MEDIA CONTACT

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