Problem with vent bag is that you cannot maintain a positive expiratory pressure (around 10mmHg of pressure during the expiration to prevent lung to collapse alveoli). For Covid-19, all the projects based on mechanized vent bag where useless because of the type of disease.
There are several companies behind the project. The company who makes the electronics is Tronico (https://www.tronico-alcen.com/en/markets/medical). It has all the medical certifications needed.
We are currently going on with ANSM certification (equivalent of US FDA). It is a long 2 years way, with lots of papers and tests... If it is approved, sure it can save life everywhere in the world. If it is not, it was a project where we learned a lot.
By the way, ambulance ventilators are harder to develop and to approve. Hardware must resist huge shocks and accelerations.
As said previously, the Rpi part and the software is not critical at all, it is here to fill a gap between the minimal UX and the expected UX. See https://news.ycombinator.com/item?id=25671617 and https://news.ycombinator.com/item?id=25671318.