At first glance, the newest device from PNOĒ looks remarkably like something a comic-book villain might wear. The mask, which covers the nose and mouth and straps securely around the back of the head, bears more than a passing resemblance to the iconic facegear worn by Bane, Batman’s hulking and formidable nemesis. But its underlying purpose is far more benign, designed to measure how much oxygen you consume and how much carbon dioxide you exhale, before seamlessly turning that physiological data into actionable advice about how to eat, train, and, the company ultimately hopes, live a longer and healthier life.
PNOĒ, a health-tech company based in Malden, Massachusetts, with significant operations in Athens, Greece, is preparing for the official commercial launch of its flagship PNOĒ 2.0 device on October 1. The most significant departure from its predecessor is that the new iteration allows users to administer the test entirely on their own, removing the previous requirement for a trained clinical operator. According to co-founder and chief executive officer Apostolos Atsalakis, an individual can simply walk into a participating gym, put on the mask, push a button, sit down comfortably, and breathe normally for roughly eight minutes. According to Atsalakis, who detailed the upcoming release during a recent video interview from the company’s Athens office, that is all it takes.
That user-friendly evolution matters significantly because PNOĒ’s current generation of hardware requires a trained professional to oversee the process, a factor that inherently limits where and how the tests can be deployed. A self-serve version changes the equation dramatically, opening the door for deployment in fitness centers without dedicated or specialized staff on hand, and potentially expanding into more accessible consumer locations like retail pharmacies, Atsalakis noted.
The foundational science supporting PNOĒ’s technology is far from new. Metabolic testing, a diagnostic process that analyzes the gases present in a person’s breath to gauge precisely how their cellular biology produces energy, has been utilized by scientists and sports physiologists for more than a century. For decades, it has served as the undisputed gold standard for measuring VO2 max, representing the maximum volume of oxygen that the human body can utilize during intense physical exertion. Widely recognized as one of the most reliable indicators of overall cardiorespiratory fitness, these tests have traditionally required bulky, expensive laboratory equipment found almost exclusively within elite sports science labs and major hospital networks. Consequently, metabolic assessments have historically been the exclusive province of elite professional athletes and high-end executive wellness programs.
What the ten-year-old company now promises is the exact same level of clinical accuracy packaged into a portable, consumer-friendly device, coupled with proprietary software that translates complex biometric results into clear, understandable recommendations. Atsalakis emphasized that the primary mission has always been to democratize a once-exclusive diagnostic process, noting that they have successfully made high-level metabolic testing accessible to everyday individuals.
The company reports that its test captures a comprehensive suite of 23 distinct biomarkers. Beyond measuring VO2 max, these include a person’s resting metabolic rate, which calculates the exact number of calories the body burns while completely at rest, and metabolic flexibility, a crucial metric indicating how efficiently the human body switches back and forth between burning dietary fats and carbohydrates for fuel. Atsalakis argues that these advanced metrics provide concrete answers to fundamental health questions that traditional blood tests simply cannot address, such as the precise caloric intake an individual requires or the exact training protocols they should follow to optimize their physical health.
The commercial timing appears exceptionally favorable for PNOĒ. In recent years, VO2 max has rapidly transformed into a major industry buzzword among longevity enthusiasts, a trend accelerated by a growing body of scientific research linking higher levels of cardiorespiratory fitness directly to lower overall mortality rates. Atsalakis goes so far as to describe VO2 max as the single strongest predictor of human longevity, viewing his company’s comprehensive data output as an essential scorecard for the rapidly expanding wellness economy.
The newly designed device is notably smaller and more compact than its predecessor, featuring significantly fewer internal and external parts, a design choice Atsalakis explained makes the hardware inherently more reliable. The physical product was developed in close collaboration with Milan-based Design Group Italia. According to Atsalakis, the creation process involved an extensive number of iterations because a reliable, self-administered metabolic testing device of this nature had never been successfully built before.
The design also thoughtfully addresses a practical concern that post-pandemic consumers are bound to raise regarding shared hardware: who wore it last? The company solved this hygiene puzzle by engineering the electronics to easily detach from the silicone mask and retention straps. This clever modularity allows multiple people to share the more expensive internal hardware components while each individual user retains ownership of their own personal, inexpensive mask.
Despite its clear clinical ambitions, PNOĒ remains cautious regarding the medical claims it makes about its technology. The device has not received clearance from the U.S. Food and Drug Administration, and Atsalakis explicitly stated that the company does not provide medical recommendations. Instead, PNOĒ firmly positions itself within the broader consumer wellness space. Atsalakis compares the device to a common body composition scale, explaining that a medical doctor cannot legitimately prescribe medication or clinical treatments based solely on their software’s results.
However, that regulatory and clinical landscape could potentially evolve down the road. Medical researchers have spent years exploring whether specific chemical compounds present in human breath can effectively signal the early presence of serious diseases, including various forms of cancer. Atsalakis believes that the company’s continuously growing trove of physiological data could eventually assist in flagging potential health issues. At the same time, he readily acknowledged that full diagnostic capabilities are definitively several years away, with strict regulatory hurdles likely stretching that timeline even further. He noted that the company is simply not there yet.
PNOĒ’s corporate origins trace back to Atsalakis’s doctoral research in advanced sensing technologies at the University of Cambridge. During his time there, consumer wearables were experiencing a massive surge in popularity, prompting him to become deeply fascinated by the hidden wealth of health information that human breath could reveal about internal bodily functions. He ultimately co-founded the venture alongside Panos Papadiamantis, a childhood friend who currently serves as the company’s chief product officer.
The startup went through Y Combinator’s Winter 2019 batch, entering the accelerator program well before the modern longevity sector had evolved into the booming industry it is today. Since those early days, the company has successfully raised approximately $22 million in total funding. This includes a recently closed $11 million investment round backed by notable institutional and individual investors, including venture firm 50 Years and Google Maps co-founder Lars Rasmussen, who himself is now based in Athens.
Currently, PNOĒ operates strictly on a business-to-business model, selling its hardware and software exclusively to commercial clients who then offer the testing service directly to their own members and customers. Its roster of clients includes major fitness brands like Equinox, where the technology is available at nearly all of its club locations, according to Atsalakis. Other prominent clients include Four Seasons hotels, Red Bull, the National Basketball Association, the Mount Sinai Health System, and the popular med-spa chain Restore Hyper Wellness.
Approximately 85% of PNOĒ’s overall business originates in the United States, a market Atsalakis described as by far the most advanced globally when it comes to consumer interest in longevity and preventive health. Building on its domestic success, the company is now actively expanding its footprint across Europe and, through strategic regional partners, into Latin America and Asia.
Commercial businesses pay a recurring monthly subscription ranging from $400 to more than $1,000. This comprehensive fee covers all necessary hardware, software access, staff training, and promotional marketing materials—a bundled package that Atsalakis refers to as a complete business-in-a-box solution. Furthermore, PNOĒ integrates its test results directly with the specific services offered by each business, allowing a gym, hotel, or wellness spa to automatically recommend targeted training programs or treatments based entirely on an individual customer’s metabolic test output. Atsalakis noted that many clients utilize the test during customer onboarding, effectively positioning the service somewhere between a full clinical medical workup and the rough fitness estimates users typically receive from commercial smartwatches.
That specific market middle ground is becoming increasingly crowded. Major technology players like Apple, Garmin, and Whoop already estimate VO2 max metrics using standard heart-rate data, while specialized consumer gadgets like Lumen analyze breath composition to gauge fat and carbohydrate burning. At the high end of the spectrum, traditional, immobile metabolic carts remain the entrenched standard inside specialized research laboratories and major hospitals.
PNOĒ, which currently employs a team of 110 people, reports that it has recently achieved profitability while maintaining an annual revenue growth rate exceeding 100%. Looking ahead, Atsalakis stated that the company is actively planning to raise a Series B funding round within the next six to twelve months as it continues its ambitious push to put its distinctive mask—Bane comparisons and all—in front of progressively more faces worldwide.