Life Sciences & Health
Improving the quality of life of patients worldwide

Approach
Direct investmentDate
July 26, 2021Reading time
6 minutesThrough the investment in Onera Health, Invest-NL contributes to improving the quality of life for patients with sleep disorders and reducing healthcare costs. Ruben de Francisco (founder and CEO of Onera Health), Karin Steffens (Senior Investment Manager Life Sciences and Health at Invest-NL), and Bram Sprangers (Investment Associate at Invest-NL) share insights about a product with impact.
Polysomnography (PSG) is a sleep study in which various physiological parameters are recorded during the patient's sleep. Onera Health is a leader in the development of remote diagnostics and monitoring. The Onera Health product portfolio includes the CE-marked PSG solution Onera STS I for sleep studies in both clinical and non-clinical settings. It is a groundbreaking solution that significantly simplifies the process of conducting a sleep study and delivers the quality of a PSG diagnosis directly to ‘the patient's bed’, whether in a hospital, sleep laboratory, or at home. Enthusiastically, Ruben adds: “Our innovative solutions and services are ready to help millions of people struggling with health problems and chronic conditions. We aim to improve the quality of life for patients worldwide.”
Our innovative solutions and services are ready to help millions of people struggling with health problems and chronic conditions.
Ruben de FranciscoFounder and CEO of Onera Health

Onera was looking for partners for Series B funding after obtaining the CE mark for the Onera STS I product. However, the coronavirus crisis caused delays in product development and clinical validation. Ruben: “We initially considered a smaller bridge financing to offset these delays, but through the Temporary Bridging Credit Program for Innovative Start-ups and Scale-ups (TOPSS), it became possible to raise a Series B of €10.5 million with existing and new investors.” Invest-NL is participating with €3.5 million in this funding round. Via the TOPSS program, Invest-NL guarantees the availability of risk capital for innovative start-ups and scale-ups with good prospects that are affected by the Covid-19 crisis. Karin: “Onera has applied for this facility because it demonstrably ran into trouble when its planned clinical studies were halted due to the pandemic.”
Onera is using the total funding to conduct clinical studies, further develop and commercialise the diagnostic and monitoring products in Europe and the United States. Additionally, the team could be expanded.
The investments through which Invest-NL aim for both financial and non-financial returns are a new – but essential – approach to impact investing
Ruben de FranciscoFounder and CEO of Onera Health

The relationship between Onera and Invest-NL has been established for some time. Ruben: “We have known Invest-NL since its launch. Although Invest-NL is relatively new, it has become an important player in the Dutch technology landscape through various collaborations. The investments pursued by Invest-NL, aiming for both financial and non-financial returns, represent a new – but essential – approach to impact investing. The moment for us to approach Invest-NL was early 2020. We then quickly found common ground for our collaboration: both Invest-NL and Onera are working towards affordable and accessible healthcare.”
Karin and Bram collaborate on special investments in healthcare, such as those by Onera. Karin: “Within our theme of Life Sciences and Health, we want to make an impact by focusing on accessible innovations that positively contribute to reducing healthcare costs for major chronic conditions, while simultaneously providing better care and quality of life. We think of alternative models for drug development and the ‘Right Care at the Right Place’, meaning striving for care at home as much as possible and as little as in academic hospitals. Prevention is very important here. When a proposal comes in, we assess whether it fits within this healthcare strategy.” Bram adds: “We are responsible for deciding whether or not to invest in companies. Specifically, we look for a combination of a strong management team, high impact, a unique product, significant market potential, and a good return expectation.”
One in five people suffers from a sleep disorder that can cause or worsen various conditions.
Bram SprangersInvestment Associate at Invest-NL

That’s how it went with Onera too. The Invest-NL team was quickly impressed by the management and market potential. Their interest was fully piqued by the disruptive nature of Onera’s product. Bram: “One in five people suffer from a sleep disorder that can cause or worsen various conditions, including: cardiovascular and neurological disorders. It is important to diagnose the condition early to improve health outcomes and reduce healthcare costs. Currently, 80% of sleep disorders go undiagnosed because people have limited access to sleep professionals due to a lack of testing capacity. Additionally, the current testing equipment is either cumbersome and expensive, or quantitatively and qualitatively insufficient for a good diagnosis. Better access to diagnosis could enable more people with sleep problems to be treated, which in turn would lower healthcare costs.”
Since the introduction in 2020, considerable effort has been made to develop the relationship. Bram: “From the very first moment, it was clear that Ruben knew exactly what he was talking about. His technological background combined with experience in business development and extensive market knowledge makes him a very skilled expert. He is to-the-point, knows his stuff, and remains calm in stressful situations. Additionally, he is open-minded and very good with people/relationships. These skills, complemented by a great drive to scale Onera from startup to scale-up, make Ruben a strong CEO.”
Ruben: “We work closely together. The relationship runs very smoothly. Karin and Bram are approachable and responsive. They act as advisors and coaches. For example, on ESG matters. This way, we learn how to maximise our impact with ESG.”
There is a confident outlook on the future. Bram: “The goal of Invest-NL's investment is to support Onera in further developing and commercialising its product, thereby achieving the intended impact. This is not just about providing capital. In our view, the value of the collaboration between Onera and Invest-NL also lies in further professionalising the governance and organisation.” Ruben fully agrees: “We are happy to work together to achieve our shared goal of a more sustainable future and a society with equal opportunities for everyone. These are important ingredients for the future of healthcare that we want to realise in the Netherlands and ultimately worldwide.”
Questions about this investment? Karin is happy to help!
Karin Steffens
sr. investment manager
