PNOĒ will launch its PNOĒ 2.0 breath-analysis mask on October 1, and for the first time users can run the metabolic test themselves: wear the mask, push a button, sit down, and breathe for eight minutes. The startup, headquartered in Malden, Massachusetts with operations in Athens, Greece, has raised about $22 million to date, employs 110 people, says it recently turned profitable, and claims annual growth above 100%.

The device matters commercially because PNOĒ's current hardware requires a trained operator, which constrains where the company can sell. A self-serve version opens a wider channel. "Someone can walk into a gym, just wear the mask, push the button, sit down," co-founder and CEO Apostolos Atsalakis told Chip Dispatch over a video call from Athens. "That's it. It's that easy." Gyms without dedicated staff, and potentially pharmacies, become addressable customers.

The underlying measurement is not new. Metabolic testing — analyzing oxygen consumption and carbon dioxide output to gauge how the body produces energy — has existed for more than a century and remains the gold standard for VO₂ max, the maximum oxygen uptake during exercise and a widely used measure of cardiorespiratory fitness. The equipment has traditionally been bulky and expensive, confined to sports labs and hospitals, and largely reserved for elite athletes and executive wellness programs. PNOĒ's pitch is portable hardware delivering comparable accuracy, plus software that converts readings into training and nutrition recommendations.

The company says a single eight-minute session captures 23 biomarkers, including resting metabolic rate (calories burned at rest) and metabolic flexibility, the efficiency with which the body switches between burning fat and carbohydrates. Atsalakis argues these metrics answer questions blood tests cannot, such as how many calories a person actually needs. "We made it accessible to everyone," he said.

The timing favors the company. VO₂ max has become a watchword in the longevity market, driven by research linking higher cardiorespiratory fitness to lower mortality. Atsalakis calls VO₂ max the strongest predictor of human longevity and positions PNOĒ's data as a scorecard for the wellness industry.

Hardware and design decisions

The 2.0 unit is smaller and more compact than its predecessor, with fewer parts — a change Atsalakis said improves reliability. Milan-based Design Group Italia developed the enclosure over what the CEO described as "a lot, a lot, a lot of iterations," since no self-administered metabolic testing device had been built before.

One design choice addresses post-pandemic hygiene concerns directly: the electronics detach from the silicone mask and straps, so multiple users can share the costly hardware while each keeps a personal mask.

Regulatory posture

PNOĒ is deliberate about its claims. The device has no U.S. Food and Drug Administration clearance, and Atsalakis was explicit about the boundary: "We do not provide medical recommendations." He likened it to a body-composition scale. "A doctor cannot prescribe medication based on our results."

That line could move eventually. Researchers have long investigated whether compounds in exhaled breath signal diseases such as cancer, and Atsalakis believes the company's accumulating dataset could eventually flag health issues. He conceded that full diagnoses are "definitely a couple of years away," with regulatory hurdles likely extending that timeline. "We're not there yet," he said.

Business model and customers

PNOĒ sells only to businesses, which offer the test to their end customers. Clients include Equinox (available at almost all clubs, per Atsalakis), Four Seasons hotels, Red Bull, the NBA, Mount Sinai Health System, and the med spa chain Restore Hyper Wellness. Business subscriptions run from $400 per month to more than $1,000, covering hardware, software, training, and marketing materials — a package Atsalakis calls a "business in a box." The platform links test results to the services a client sells, so a gym or spa can recommend specific offerings based on a customer's biomarkers. Many clients run the test during member onboarding.

About 85% of revenue comes from the United States, which Atsalakis called "by far the most advanced market globally" for longevity. The company is now expanding in Europe and, through partners, in Latin America and Asia.

Competition

The middle ground PNOĒ occupies — between a clinical workup and a smartwatch estimate — is crowded and getting more so. Apple, Garmin, and Whoop all estimate VO₂ max from heart-rate data, while consumer devices such as Lumen analyze breath to gauge fat and carbohydrate burning. At the high end, traditional metabolic carts remain the reference standard in labs and hospitals. PNOĒ's differentiator is direct gas-exchange measurement at a fraction of the lab cost, delivered without trained staff for the first time in the 2.0 generation.

Origins and financing

The company traces its roots to Atsalakis's PhD work in sensing technologies at the University of Cambridge, where he studied what breath could reveal about the body as wearables took off. He co-founded PNOĒ with childhood friend Panos Papadiamantis, now chief product officer. The startup went through Y Combinator's Winter 2019 batch, before "longevity" became an industry category. It has since raised roughly $22 million, including a recently closed $11 million round, from investors including 50 Years and Google Maps co-founder Lars Rasmussen, now based in Athens.

Atsalakis said the company plans to raise a Series B within the next six to 12 months as it pushes the 2.0 hardware — Bane comparisons and all — into more fitness centers, and potentially pharmacies, worldwide.