NEW YORK, May 29, 2019 /PRNewswire/ -- TMRW, the creator of the first Robotic Process Automation (RPA) platform designed specifically for in vitro fertilization (IVF), announced today it had raised over $12M in Series A financing alongside significant additions to its corporate, scientific and advisory boards. The Series A was led by Special Situations' Life Sciences Innovation (LSI) Fund, the first venture vehicle focused on next generation solutions for the fertility industry. TMRW is one of the fund's first investments and its Managing Director, David Sable, M.D. has joined TMRW's Scientific Advisory Board. Other Series A participants include the family office of noted investor and philanthropist Glenn Dubin as well as several other private commitments. TMRW's co-founders, Joshua Abram, Alan Murray and Jeff Port, M.D. are serial tech and life sciences entrepreneurs. Their immediate prior ventures sold for a combined sum of more than $1 billion.
Fertility experts estimate that in coming decades, IVF therapies will be responsible for 200-300 million global births — almost all of which will rely upon frozen gametes and embryos. The fertility industry is rapidly scaling, with nearly $40B in total market size projected by 2026 and an expected annual growth rate of 10.6%. To meet growing patient needs, TMRW has created the world's first complete radio-frequency identification (RFID) cryo-temperature (-310 F / -190 C) compatible digital chain of custody for fertility cells. TMRW's RPA platform virtually eliminates the known risk of misdirected eggs and embryos with monitoring software that provides constant vigilance. TMRW automates up to 17,000 daily environmental "health checks" to ensure the safety, well-being and security of the world's most precious tissue.
"Fertility and population experts agree that by the end of the century, over 200 million people will be born through IVF. TMRW is committed to advancing technology that ensures this extraordinary demand can be safely met by fertility clinicians," said Joshua Abram, co-founder of TMRW. "This capital will help us refine our technology, further expand our board and executive leadership team and make our technology available to fertility clinics worldwide."
TMRW is already experiencing rapid market adoption, with several of the nation's leading clinics committing to the platform. Current TMRW clinic partners represent almost 20% of total U.S. fertility cycles, positioning TMRW to become a global standard for process automation. TMRW is projecting significant U.S. market share as IVF clinicians embrace a platform that replaces an outdated analog IVF cryo-management function with proven risk-mitigating platform.
"Our Life Sciences Innovation Fund invests in companies that will lead the expansion and growth in assisted reproductive technology," said Dr. Sable, "With its advanced technology, TMRW can make IVF safer, more accessible and more affordable, both in the United States and worldwide. TMRW's platform provides a necessary and elegant solution for clinics that are seeing an enormously growing demand to safely preserve vitrified cells."
Alongside the completion of Series A financing, TMRW has expanded its corporate and scientific advisory boards. In addition to Dr. Sable, TMRW also appointed Andrew Brooks, Ph.D., currently the Chief Operating Officer of the RUCDR Infinite Biologics at Rutgers University, the largest academically affiliated biorepository in the world, to the Chairmanship of TMRW's Scientific Advisory Board. A molecular neuroscientist, Brooks has deep experience in advising leading U.S. and global institutions in Europe, Asia and the Middle East on topics related to cryo-biology. At the request of the government of Qatar, he has been long involved in the pathbreaking Qatar Biobank and Genome Projects.
TMRW also appointed Tara Comonte and Robbie Myers as Independent Corporate Board Directors. Comonte is currently the Chief Financial Officer at Shake Shack (NYSE: SHAK), overseeing all aspects of Finance and Technology as the company continues to expand at a rapid pace in both the US and across the globe. Myers served for 18 years as Editor-in-Chief of ELLE, the number one fashion magazine in the world, and led the brand to unprecedented success and growth.
In coming decades, a rapidly scaling fertility industry and increased access to IVF therapies will be responsible for nearly 300 million global births — almost all of which will rely upon frozen fertility cells. To meet this rapidly growing demand, TMRW has created the first fully Robotic Process Automation (RPA) platform designed specifically for IVF. Already experiencing rapid market adoption by leading U.S. clinics, TMRW's platform is poised to become the global standard. IVF clinicians have embraced TMRW's platform because it replaces an outdated analog IVF cryo-management function with proven risk-mitigating robotic process automation technology. TMRW's integrated platform provides the world's first complete RFID cryo-temperature compatible digital chain of custody for all fertility cells—including eggs and embryos. TMRW software is constantly vigilant and automates 17,000 daily environmental "health checks" that ensure the safety, and security of the world's most precious cells.
TMRW's co-founders, Joshua Abram, Alan Murray and Jeff Port, M.D. are serial tech and life sciences entrepreneurs. Their immediate prior ventures sold for a combined sum of more than $1 billion.