THE BACKGROUND AND NEED
Dr. Guelay Bilen-Rosas is a physician-scientist, entrepreneur, and Founder & CEO of AyrFlo Innovation Labs. Her company is developing the SmartAyrPatch, a wearable breathing sensor designed to detect post-surgical respiratory deterioration before it becomes life-threatening.
Her innovation is part of a new category of respiratory monitoring called Breathonics, which converts airflow signals into clinically meaningful breathing metrics. The technology has the potential to improve patient outcomes, reduce complications, and shorten hospital stays.
But Dr. Bilen-Rosas’ path to innovation began long before her first prototype. She grew up in a family of immigrants whose parents, despite limited formal education, believed deeply that learning could transform a life. That belief carried her from medical school in Germany to advanced clinical training in the United States, and eventually to a faculty position at the University of Wisconsin.
Throughout her clinical career, she repeatedly saw patients suffer from respiratory decline that could have been prevented with earlier detection. Determined to close that gap, she founded AyrFlo to bring real-time breathing intelligence to the bedside.
THE SSBCI ASSISTANCE
As AyrFlo progressed from concept to commercialization, Dr. Bilen-Rosas engaged with SSBCI Technical Assistance through the Universities of Wisconsin Office of Business & Entrepreneurship to strengthen the company’s capital readiness.
Through SSBCI support, she received:
- Development of investor-ready financial projections and pro formas
- Guidance on accounting systems and financial controls
- Capital strategy development aligned with investor expectations
- Mentorship and connections to commercialization resources
This technical assistance helped translate AyrFlo’s strong clinical innovation into a financially structured, investment-ready venture.
The State Small Business Credit Initiative (SSBCI) Technical Assistance Center provides technical assistance to help high-potential small businesses become capital ready. Through the Universities of Wisconsin Office of Business & Entrepreneurship, SSBCI supports entrepreneurs with financial modeling, capital strategy, accounting systems, legal support, and connections to resources that enable them to pursue investment and growth.
THE INTEGRATED SUPPORT FROM OBE
While SSBCI served as the primary source of capital readiness assistance, AyrFlo also participated in complementary programs within the Office of Business & Entrepreneurship:
- Capital Readiness Program (CRP): A 10-week accelerator that provided structured education, pitch coaching, and a cohort community of women founders.
- Center for Technology Commercialization (CTC): Support for R&D strategy, SBIR/STTR preparation, and commercialization planning.
Together, these programs created a coordinated support system that addressed the company’s technical, financial, and capital-readiness needs.
THE OUTCOMES
THE KEY METRICS
As a direct result of SSBCI Technical Assistance and related program support, Dr. Bilen-Rosas:
- Established capital-ready financial models and accounting systems
- Clarified AyrFlo’s commercialization and investment strategy
- Strengthened her investor narrative and financial positioning
- Successfully delivered a formal pitch for $7 million to a London-based investor
- Founder: Woman, physician-scientist and UW associate professor
- Patents: 14 filings, including 6 issued
- Technology: First-of-its-kind wearable respiratory monitoring patch
- Program Outcomes:
- Investor-ready financial model
- Refined commercialization strategy
- Strengthened investor narrative
- Expanded mentor and capital networks
The State Small Business Credit Initiative Technical Assistance Center is delivered through the Universities of Wisconsin’s Office of Business & Entrepreneurship and ecosystem partners across the state. For more information, visit our website at business.wisconsin.edu/ssbci