Progyny, a US-based digital healthcare technology producer backed by pharmaceutical firms GlaxoSmithKline and Merck Group, has raised $14.7m in series B funding from undisclosed investors.
Formed in April 2015 through the merger of reproductive health technology providers Auxogyn and Fertility Authority, Progyny’s core product is a digital fertility platform that can shorten the time it takes to get pregnant and cut fertility-related costs.
The company will spend the funding on expanding the features and clinical tools available for its software platform, and the Smart Cycle fertility benefits plan it provides to employers. It will also add to its customer base, account management and technology teams.
The chief addition to Progyny’s product offering will be a mobile app that aims to educate and inform users undergoing in-vitro fertilisation (IVF) treatment or looking to freeze eggs.
George Nassef, Progyny’s chief technology officer, said: “These funds will be used to speed the development of new features launching later this year including a valuable IVF success predictor tool, ability for patients to securely track their fertility progress, view benefits information and chat directly with a patient care advocate for support.”
Auxogyn raised $34.3m in funding in March 2015, after securing $7.2m in debt and equity in 2013, according to securities filings.
Merck Group’s Merck Serono Ventures unit, TPG Biotech and Kleiner Perkins Caufield & Byers had invested $20m in Auxogyn in February 2012, and were joined by SR One, the corporate venturing arm of GlaxoSmithKline, for an $18m round four months later.