Financing Led by 5AM Ventures with Participation from FIOS Venture
Holdings, DF Investment Partners, Transformation Capital, Life
Sciences Innovation Fund, Casdin Capital & Others
Leading Women's Health Investors & Advocates
Include GV & Amy Schumer
NEW YORK,
July 24,
2024 /PRNewswire/ -- TMRW Life Sciences (TMRW),
creator of the only FDA-cleared automated specimen management and
storage platform for frozen human sperm, eggs and embryos, today
announced that it closed a $28+ million Series D equity financing
to meet soaring demand from fertility clinics seeking safe and more
accurate cryostorage solutions.
The round was led by 5AM Ventures with participation from FIOS Venture
Holdings, DF Investment Partners, Transformation Capital, Life
Sciences Innovation Fund, and Casdin Capital. Additional support
came from leading women's health investors such as GV (formerly
Google Ventures), and actress and advocate Amy Schumer, among others.
"5AM Ventures is
proud to continue to invest in TMRW to support innovation, growth
and expansion. With the use of fertility treatments growing
exponentially, the adoption of state-of-the-art specimen management
and storage technologies that help reduce risk and improve safety
and accuracy for patients has never been more important," said
Andy Schwab, Managing Partner of
5AM Ventures.
Since its inception in 2018, TMRW has expanded
from offering the world's first and only automated on-site storage
management solution to now offering a variety of both onsite and
offsite solutions. A pivotal moment in TMRW's trajectory came in
February, when a strange and tragic incident at a clinic in
Alabama led to a surprising ruling
from the state's Supreme Court that put the entire industry on
notice that mistakes in storage management could be
catastrophic.
Since then, recent peer reviewed scientific
publications continue to emphasize the importance of storage
management and the need to improve the safety and security of
frozen embryos, eggs and sperm. TMRW now has more than 60 leading
fertility clinic partners serving more than 39,000 patients with
more than 260,000 frozen specimens under management, and this rapid
adoption is only accelerating. TMRW is quickly becoming a new
standard of care.
"The management and storage of precious cells
like sperm, eggs and embryos is too important to leave to
antiquated systems developed in the last century," said
Louis Villalba, Chief Executive
Officer at TMRW. "We are thrilled to have the continued support of
such a distinguished group of investors fast-tracking our mission
to transform specimen management and storage and our ability to
execute on soaring clinic demand."
More than 1,000,000 frozen eggs and embryos are
frozen in fertility clinics in the United
States every year. That growing volume of frozen
specimens is overwhelming the legacy storage systems that fertility
clinics have relied upon for decades. Fertility clinics are
demanding new solutions to upgrade, optimize, and safely scale
specimen management and storage.
TMRW is the only storage provider in the United States offering a fully integrated
technology platform that helps fertility clinics improve accuracy,
reduce risk, reduce operational inefficiencies, increase revenue
and reduce costs.
TMRW is also the only fertility cryostorage
provider with an FDA-cleared specimen management and storage
platform with more than 25 years of transactions tested;
HIPAA-compliant military-grade data security, SOC II compliance,
and ISO and HITRUST certifications; and a platform that reduces
potential points of failure by 94% compared to existing manual
systems.
About TMRW Life Sciences
Founded in
2018, TMRW Life Sciences, Inc., is a fertility technology company
digitizing the IVF lab starting with the world's first automated
platforms for the safe management and storage of frozen sperm, eggs
and embryos. For the first time, frozen specimens can be digitally
identified and tracked, safely managed with automated robotics, and
remotely monitored around the clock. TMRW's next-generation
technology platforms set a new standard of care, reducing potential
points of failure by 94% compared to manual systems. TMRW delivers
peace of mind by helping reduce the risk of specimen mix-up,
damage, or loss. Named Fast Company's #1 Most Innovative Biotech
company in 2022, TMRW has been adopted by leading clinics across
the United States and United Kingdom.
Learn more at tmrwlifesciences.com.
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content:https://www.prnewswire.com/news-releases/tmrw-life-sciences-exceeds-series-d-financing-goal-to-meet-soaring-demand-from-fertility-clinics-seeking-safe--more-accurate-cryostorage-solutions-302205275.html
SOURCE TMRW Life Sciences