Switzerland-based fertility tracker developer Ava closed an oversubscribed $9.7m series A round backed by telecommunications company Swisscom and financial services provider Zurich Cantonal Bank (ZKB) on Tuesday.
Venture capital firm Polytech Ecosystem Ventures led the round, which included Global Sources, a business-to-business media company that facilitates trade with greater China, and investment firm Blue Ocean Ventures.
Founded in 2014, Ava produces women’s reproductive health products, and launched a fertility tracking sensor bracelet and accompanying app in July this year.
The bracelet, which has been approved by the US Food and Drug Administration, enables women to detect the 5.3 fertile days in their cycle with 89% accuracy, according to a recent clinical study Ava conducted at the University Hospital of Zurich.
Ava will use the proceeds from the financing to continue its research and development, with a second clinical study already in progress. The capital will also enable it to scale production and expand abroad early next year, starting with other European markets.
Pascal Koenig, Ava’s co-founder and chief executive, said: “With these funds, we will be able to further accelerate our traction and continue on our mission of developing technology that improves the reproductive health of women worldwide.”
The company received about CHF2m ($2m) in seed financing from Swisscom’s corporate venturing arm, Swisscom Ventures, ZKB and unnamed angel investors in October 2015, when the company took part in Swisscom’s StartUp Challenge accelerator as part of its third batch.
– Image courtesy of Ava