PNOE, a Massachusetts‑based health‑tech startup with a presence in Athens, is set to roll out its second‑generation device on October 1. The new mask, which resembles the iconic Bane mask from the Batman franchise, captures the gases a person inhales and exhales to calculate a range of metabolic metrics. Users simply put the mask on, press a button and breathe for eight minutes, after which software translates the data into personalized nutrition and training suggestions.
Self‑serve design and functionality
The upcoming PNOĒ 2.0 differs from the company’s earlier model by allowing customers to conduct the test without a trained operator. Co‑founder and chief executive Apostolos Atsalakis explained that a gym member could walk in, wear the mask, sit down and start the eight‑minute measurement on their own. This shift could open the technology to locations that lack specialized staff, such as fitness clubs and possibly pharmacies.
The device measures 23 biomarkers, including the widely recognized VO₂ max, resting metabolic rate and metabolic flexibility – the body’s ability to switch between burning fat and carbohydrates. According to Atsalakis, these figures answer questions that standard blood work does not, like how many calories an individual should consume or the optimal training intensity.
Business model and market traction
PNOE sells the system exclusively to businesses, which then offer the test to their clientele. Clients already include Equinox gyms, Four Seasons hotels, Red Bull, the NBA, the Mount Sinai Health System and the med‑spa chain Restore Hyper Wellness. About 85 % of revenue comes from the United States, which the CEO describes as the most advanced market for longevity services. Subscriptions range from $400 to over $1,000 per month and cover the hardware, software, training and marketing assets – a package the company calls a “business in a box.”
The startup emerged from Atsalakis’s PhD research on sensing technologies at the University of Cambridge and was later joined by childhood friend Panos Papadiamantis, now chief product officer. After completing Y Combinator’s Winter 2019 batch, PNOE has raised roughly $22 million, including an $11 million round backed by investors such as 50 Years and Google Maps co‑founder Lars Rasmussen. With a staff of 110, the firm reports recent profitability and year‑over‑year growth exceeding 100 %.
Regulatory stance and future outlook
Although the mask delivers clinical‑grade data, it is not cleared by the U.S. Food and Drug Administration and the company positions the product as a wellness tool rather than a medical device. Atsalakis likens it to a smart scale, noting that doctors cannot prescribe medication based on its results.
Looking ahead, PNOE hopes its growing data set could eventually help identify disease markers in breath, a research area that may enable early detection of conditions such as cancer. However, the CEO cautioned that full diagnostic capabilities are still years away and will face regulatory hurdles. In the meantime, the company plans to raise a Series B round within the next six to twelve months to expand its footprint across Europe, Latin America and Asia.
PNOE’s offering arrives as consumer wearables from Apple, Garmin and Whoop increasingly estimate VO₂ max from heart‑rate data, while devices like Lumen analyze breath for metabolic insights. Traditional metabolic carts remain the gold standard in labs and hospitals, but PNOE aims to bridge the gap between clinical accuracy and everyday accessibility.
Norman Pearlstine is the Executive Editor and Co-Founder at News Raise. With over two decades of experience across financial journalism, corporate governance, and market analysis, Norman leads the editorial direction and ensures strict adherence to journalistic accuracy and ethics.
