With the beginning of the new financial year, we are pleased to announce that after successfully raising $1 million in seed capital, we have opened our Melbourne office and commenced operations. As a medtech startup, we plan to commercialise our 4D lung imaging software technology, an entirely new approach for pulmonary function testing, with the goal to bring our innovative software technologies into hospitals all over the world. A key ingredient in our progress to date has been support from Commercialisation Australia in the form of mentoring and a Skills and Knowledge Grant.
Lung disease results in the hospitalisation of 350,000 Australians each year and the escalating costs and lack of insight into these lung diseases is increasingly becoming a serious health issue. In fact Chronic Obstructive Pulmonary Disease is the only one of the world’s top ten killers with an increasing death rate. These matters are not unique to Australia, with over 440,000 Americans dying from lung cancer last year.