BOULDER — The creator of the only FDA-cleared test to confirm ovulation has raised $9.7 million in Series A Funding.
Presented by BizWest: Thursday, January 27, 2022 from 11 a.m. to 1:30 p.m. at Embassy Suites in Loveland, CO featuring Keynote Speaker Richard L. Wobbekind - Associate Dean for Business & Government Relations, Senior Economist and Faculty Director of the Business Research Division at the University of Colorado Boulder.
The company, MFB Fertility Inc., said that its Proov PdG test — a test to measure progesterone metabolite, called PdG, received the funding support of Hambrecht Ducera Growth Ventures. Additionally, venture capital firms SteelSky Ventures, WCC Partners, Lightship Capital, GingerBread Capital, and Portfolia FemTech II Fund participated in the round, the company said in a written statement.
As noted in its announcement, the PdG test and its associated patented protocol are the first of its kind to confirm ovulation quality, which pertains to when ovulation happens and hormone levels remain elevated for long enough. Confirming ovulation quality is important when it comes to getting pregnant.
Since the launch of its original PdG test, Proov has added other products to its portfolio including Proov Predict & Confirm that includes two types of tests to both find the two most fertile days and confirm ovulation quality. With Proov, women can better determine both when their ovulation is occurring and whether ovulation is occurring, with hormone levels high enough to provide the best chance at pregnancy that cycle, the company said. If Proov indicates there may be an ovulation issue, the user can then go to a doctor earlier to seek treatment to fix the problem.
“I started this company in my basement after my own infertility battle, and it has become more than I could have imagined. We are so excited to help women get even better information about their cycles to promote better treatment and ultimately better outcomes.” MFB Fertility’s founder and CEO Amy Beckley said in a written statement. “The patented devices and protocols created by Proov represent a fundamental shift in the information available to women about their hormone wellness, leveraging the power of a smartphone. In combination with our industry leading app, our patented protocols ensure that Proov will continue to offer the most robust and differentiated offering in the at-home female hormone testing space, which we are excited to build on” according to MFB Fertility’s CTO and patent counsel Jeffrey Schell.
“What initially drew us to Proov was its traction in the market, but what has impressed us more is its vision to bring high quality, science-backed products that could have a game-changing impact on women’s health,” said Betsy Hambrecht of Hambrect Ducera Growth Ventures. “We look forward to our partnership and to bringing better products and solutions to advance women’s health.”
© 2021 BizWest Media LLC