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.
View original content:SOURCE TMRW Life Sciences
