Investors
Financing tied to falsifiable milestones.
Medical Cooling is preparing a staged development programme for AIRCHILL. Every figure on this page is a planning assumption from the 2026 investor material and the 2027–2031 financial model — not a commitment, forecast or guarantee.
Use of funds
Where the € 7.5 million goes.
Roughly € 6.75 million goes directly into the five technical and regulatory risks; € 0.75 million is contingency. The sixth risk — reimbursement — is deliberately not financed, because the base case has to carry without an additional payment.
Round size and allocation from management planning, Medical Cooling investor deck 2026. Assigning one budget category to one risk is a presentation convention; the category shares themselves are unchanged. Amounts are rounded and are planning values, not quotations.
Milestones
The gates that actually change the risk.
Capital is released against evidence, and each gate has a stop criterion as well as a go criterion.
Bench and airway safety
Temperature, flow, FiO₂, humidity, condensation, pressure, oxygen safety, transport and vibration, ISO 18562. Financed from the current round.
First-in-patient feasibility
40–80 patients. Technical performance, process integration, airway safety and temperature-related endpoints. Target of the current round and the transition into the follow-on.
Confirmatory study
300–600 patients; final sample size only after effect size and event rate. Patient-relevant endpoints. Financed from the follow-on.
Market
Built bottom-up, because the top-down number does not exist.
There is no official count of ambulances in Germany — not at the Federal Statistical Office, not at the Federal Highway Research Institute, not at the Motor Transport Authority, and not at the relief organisations. What is documented is deployment density per 100,000 population. We publish the derivation instead of buying a market-research figure.
Just under 300 districts
Independent emergency-service districts in Germany, about 240 dispatch centres, roughly 85,000 staff. A fragmented market, not key-account business.
13.1m missions a year
Of which 8.09 million emergency missions, 61.7 %. Ambulances account for 55.8 % of response trips.
4.6–7.3 per 100,000
Daytime ambulance provision, cities versus rural districts. This is the only defensible basis for a fleet estimate; any absolute number is our own extrapolation and is labelled as such.
€ 8.4bn transport costs
Statutory health insurance expenditure on transport costs, 2022. Devices are financed through user charges, not from a separate investment budget.
Federal Highway Research Institute report M 345 (2024, survey 2020/21) · Government Commission, 9th statement, 7 September 2023 · Wolff, Breuer, Dahmen et al., Notfall + Rettungsmedizin 2024 (50 emergency-service districts, 21.5 million population) · Statutory health insurance statistics via the Government Commission, based on the Federal Audit Office report 2018.
Business model
Device, service and consumables — stated as assumptions.
One finding shapes the model more than any other: a single-use ventilation circuit and a reusable one cost almost the same, so the single-use item pays for itself against reprocessing after one cycle. That supports a razor-and-blade structure. Pricing, gross margin, procurement route and adoption still have to be validated with customers and health systems.
Transport ventilator platform
Capital equipment assumption, subject to product configuration and procurement rules.
Training and maintenance
A service layer for uptime, competency and lifecycle support.
Procedure-linked recurring revenue
Dependent on the final design, the clinical workflow and reimbursement economics.
Single-use ventilation circuit € 87.89 gross versus reusable circuit € 91.90 gross, dealer prices August 2026. For comparison, the RhinoChill consumable was priced at £ 1,440 per treatment in the 2014 NICE briefing — roughly nineteen times higher. Peer-set gross margin in medical technology runs 37–50 % (Dräger, Getinge, ICU Medical, financial year 2025); for a start-up with a single device the lower half is realistic.
Intellectual property
Granted in Europe and the United States — held by the inventor, not the company.
This is the item we expect diligence to open first, so it is on the website rather than in a data room.
Transportable device and system for lowering the body temperature of a mammal over the airways, in particular of a human, by means of a cooled, oxygen-containing gas flow
Transportable device, system and method for providing a cooled, oxygen-containing gas flow
Assignment or an exclusive, worldwide, sublicensable licence from the inventor to the operating company. Until that is executed, no material of ours states that Medical Cooling or Ethicalsaving gUG owns these patents, and the € 0.375 million IP and legal line of the current round is reserved for exactly this.
Checked against the public patent registers on 8 August 2026. Inventor Fabian Temme. The registers list a natural person as applicant, not the operating company — see the ownership note above. Records: EP3509683B1 · US11395900B2 · WO2018046128A1. Term runs to 9 September 2037 subject to fees and legal validity. Validation states, annuity payments, opposition status and the scope of the granted claims against the planned product have not been assessed.
Diligence
What we would look for if we were you.
We would rather name these ourselves than be caught with them.
RhinoChill, PRINCESS, Taccone 2024
A CE-marked prehospital airway-cooling device has existed since April 2011 and missed its primary endpoint at n = 677. The shockable subgroup of TTM2 (n = 600) showed no advantage either. Our own final report measured low cooling performance for the endotracheal route.
Founder capacity
Fabian Temme holds a full-time job alongside Medical Cooling. Weekly hours, compensation, a transition date and the secondary-employment and IP terms of that contract are not yet documented. Until they are, neither unpaid full-time availability nor a founder salary is modelled.
Class IIb, and notified-body capacity
Classification is preliminary. Planning horizon 18–24 months from application. MDR cost is roughly 90 % internal personnel and only 7 % notified-body fees — a plan built mainly on fees understates it by about an order of magnitude.
Granted, but not yet with the company
EP3509683B1 and US11395900B2 are granted from a 2016 priority. The registers name the inventor as applicant, not Ethicalsaving gUG. Assignment or an exclusive licence is a condition before closing. Validation states, annuities, opposition status and claim scope against the planned product are not yet assessed.
What is set to zero, and why
Opening liquidity, debt and non-committed grants are all set to € 0 until a bank statement, contract or decision letter exists. Development spending is not capitalised. The model is explicitly screen-grade and internal.
MedTech Europe Survey 2024 (n = 211): notified-body fees averaging € 136,981 for the quality management system and € 176,202 for technical documentation, ongoing MDR maintenance € 99,648 a year, cost structure 90 % personnel / 7 % fees / 3 % maintenance · Team-NB Survey 2025 · Investor materials are shared directly because the current deck is confidential.
Start a diligence conversation.
The business plan exists in bank-standard, development-bank and venture versions, alongside the 2027–2031 financial model with low, base and high cases. We share them on request.