TMRW Life Sciences, the US-based operator of an egg and embryo management system for in vitro fertilisation (IVF), closed a $105m series C round on Tuesday featuring internet and technology group Alphabet.
Growth equity fund Transformation Capital led the equity portion of the round, investing alongside Casdin Capital, 5AM Ventures, Life Sciences Innovation Fund and private investors Peter Thiel, Anne Wojcicki and Susan Wojcicki.
Alphabet participated in the round through its GV subsidiary. Signature Bank has extended its existing debt facility with the company alongside the equity financing.
Founded in 2018, TMRW provides access to an automated system which stores and manages frozen eggs and embryos for IVF procedures, using radio-frequency identification technology to track them.
The company will use the funding to speed up its global expansion in addition to product development, marketing and business development activities.
TMRW’s chief executive, Tara Comonte, said: “The pre-existing manual, analogue system is no longer sustainable in meeting the ever-increasing demand for IVF and egg freezing and technology and innovation is critical to continued scale and safety.
“TMRW’s platform enables the field to safely support the hundreds of millions of IVF births projected over the remainder of this century.”
5AM Ventures led TMRW’s $25m series B round in December 2019, seven months after the company received $12m in a series A round led by Life Sciences Innovation Fund with backing from a family office representing private investor Glenn Dubin.