Oova, a Mount Sinai spinoff startup, raises $10.3 million in funding for fertility testing kit
The FemTech sector, which includes technology-driven solutions for women’s health, is projected to reach a substantial value of $1 trillion by 2027. However, the industry faces significant challenges due to the lingering taboos surrounding women’s health and gender disparities in investment.
Despite the challenges faced by the FemTech sector, there are success stories emerging within the industry. One such example is Oova, a women’s health and fertility startup, that has made significant strides in the fertility tracking segment of the market.
Oova is a spinoff from Mount Sinai and one of a handful of startups (Generation Prime, Flo, Future Family, Maven, and Mate Fertility) that focus on addressing infertility, a condition that affects approximately one in six individuals at some point in their lives.
Given the high costs associated with procedures like in vitro fertilization, which can amount to tens of thousands of dollars per attempt, more people are seeking effective ways to understand their reproductive health. This is where Oova steps in. The startup utilizes urinalysis technology to provide personalized fertility reports to individuals. By leveraging this innovative approach, Oova aims to empower individuals with crucial insights about their fertility, helping them make informed decisions and navigate their reproductive journey more effectively.
Among the various startups in the FemTech sector that have secured funding in recent years, Oova has emerged as the latest success story. The company recently announced it has raised $10.3 million in Series A funding for its at-home approach to translating a woman’s fertility. This additional venture-backed investment is a testament to Oova’s innovative approach to providing at-home solutions for understanding a woman’s fertility.
Oova’s unique offering revolves around translating and deciphering a woman’s fertility through an accessible and convenient at-home process. By empowering women to take control of their reproductive health from the comfort of their own homes, Oova aims to provide valuable insights and support in navigating their fertility journey.
The successful Series A funding round not only highlights the confidence investors have in Oova’s vision and potential but also underscores the growing recognition of the importance of FemTech in addressing women’s health needs. The significant funding secured by Oova will enable the company to further develop and enhance its technology, expand its reach, and continue driving innovation in the field of fertility tracking.
As the FemTech sector continues to evolve and attract investment, the success of startups like Oova demonstrates the increasing demand for personalized and accessible solutions that empower individuals to make informed decisions about their reproductive health.
The New York-based Oova was founded in 2017 by CEO Amy Divaraniya and Jerome Scelza. Since its inception, the company has experienced significant growth and now collaborates with more than 100 clinics. This number has increased from the 75 clinics they initially partnered with during their launch in 2021.
Founded in 2017 by CEO Amy Divaraniya and Jerome Scelza, The New York-based Oova is currently working with over 100 clinics, up from 75 at the launch in 2021. In addition, Oova has diligently trained its model on a vast dataset consisting of over 10,000 menstrual cycles monitored through its platform. This extensive data collection and analysis have enabled Oova to refine its algorithms and provide more accurate and insightful information to its users. By leveraging this wealth of knowledge, Oova aims to continuously improve the effectiveness of its fertility tracking solutions and offer valuable insights to individuals seeking to understand and optimize their reproductive health.
Back in 2021, Oova garnered attention when its founder and CEO, Dr. Amy Divaraniya, officially introduced the Oova Kit—an at-home urine test. The launch of this innovative product was accompanied by a seed funding round that raised $1.2 million. The Oova Kit offers a comprehensive fertility tracking solution by including 15 days’ worth of testing strips.
These strips measure the levels of luteinizing hormone and progesterone in a woman’s body, providing advanced personalized analytics and real-time action plans. With this valuable information, women can accurately identify their most fertile days and confirm the occurrence of ovulation.
“We’ve also seen a massive increase in the adoption across both consumer and clinical channels,” Divaraniya said. “Because of the adoption, it led to one of the most powerful datasets in the industry. This is a dream of information to work with. Not only do we have daily hormone measurements across tens of thousands of cycles, but we also have treatment data. We’ve been able to train our algorithms on actual hormone information across thousands of women, and then even look at intrapersonal data to understand the nuances between cycles for a single woman, leading to a very personalized experience for our users.”