NEW YORK, July 20, 2021 /PRNewswire/ -- TMRW Life Sciences, Inc., the life sciences technology firm providing the world's first automated platform for tracking, monitoring, and storage of frozen eggs and embryos used in in vitro fertilization (IVF), announced the completion of a $105 million Series C equity and debt financing today.
The equity round was led by Transformation Capital and includes participation from GV (formerly Google Ventures), Casdin Capital, Peter Thiel, Anne and Susan Wojcicki, and existing investors 5AM Ventures and Life Sciences Innovation Fund, among others. In addition, the Company's debt partner Signature Bank increased their existing debt facility, expanding their relationship with TMRW.
The newly raised capital will be used to accelerate TMRW's global expansion, advance cutting-edge product innovation, develop consumer awareness of the platform, and support future business development opportunities.
"We are pleased to welcome some of the world's leading healthcare and technology investors in our mission to safeguard the irreplaceable frozen eggs and embryos at the center of nearly every IVF journey, ultimately enabling millions of people to build families," said Tara Comonte, CEO of TMRW. "The pre-existing manual, analog 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."
"TMRW is quickly becoming the new standard of care in IVF," said Vinay Shah, founding member and Principal of Transformation Capital. "Anyone who hopes to have a child — and the clinicians who serve them — deserves to have the most sophisticated technology available to safely make these dreams a reality."
Prior to TMRW's platform, tracking and storage of frozen eggs and embryos used in IVF has been managed using a manual, analog infrastructure that has not been meaningfully updated in more than 40 years. TMRW's revolutionary platform replaces the current system with integrated software and robotics, 24/7 remote monitoring, and a complete digital chain of custody for all frozen eggs and embryos in the IVF lab.
"When we learned that our fertility clinic was adopting TMRW, we knew our embryos would be monitored and looked after with the best technology out there," said Mayrav Dolgin and Renee Genova, the first patients to have their frozen embryos stored within the TMRW platform at Vios Fertility Institute in Chicago. "Each one of our embryos is a potential sibling for our two older IVF children. Knowing that they are safe whenever, and if ever, we decide to expand our family gives us invaluable peace of mind."
In the first six months since its commercial launch, TMRW has been adopted by prominent fertility clinics in the United States, including Vios Fertility Institute, Conceptions Reproductive Associates of Colorado, San Diego Fertility Center, Boston IVF, and Colorado Center for Reproductive Medicine (CCRM) — bringing peace of mind to both clinicians and the thousands of patients whose specimens are now managed within the TMRW platform.
"Offering the TMRW platform to our patients means empowering them to select the best standard of care during the fertility journey," said Glenn Proctor, Director of Laboratories at Conceptions Reproductive Associates of Colorado, which recently completed the integration of the TMRW platform. "TMRW's technology has set the new standard for safety, transparency, and care in the management of eggs and embryos."
Dr. Serena H. Chen, Director of Reproductive Medicine at Institute for Reproductive Medicine and Science (IRMS) in New Jersey, which will integrate the TMRW platform in coming weeks, added, "TMRW's technology is the single most important IVF advancement in recent years. IVF clinics today have to safely and effectively manage tens of millions — soon hundreds of millions — of frozen gametes and embryos. There is simply no other way to continue to scale high-quality patient care without the technology and automation that TMRW provides."
About TMRW Life Sciences, Inc.
TMRW Life Sciences has created the first automated solution for how frozen eggs and embryos are stored, tracked, and monitored during the IVF process. Before TMRW, these irreplaceable eggs and embryos were solely managed using manual and analog methods borrowed from livestock breeding, leaving eggs and embryos vulnerable to significant human error. TMRW's technology brings the IVF lab into the 21st century and ushers in a new standard of care for eggs and embryos just as fertility care has reached an inflection point: It's estimated that 15% of couples worldwide now struggle with infertility. The outdated systems clinics have put in place are simply incapable of meeting this rising demand for IVF and egg freezing. With the TMRW platform, eggs and embryos are traceable using RFID technology and safely maintained at cryogenic temperatures using robotics, 24/7 remote monitoring, and fully integrated software. The TMRW platform is transforming the possibilities for fertility and family planning by safeguarding the most precious cells for life.
About Transformation Capital
Transformation Capital is a digital health growth equity firm dedicated to supporting commercial stage companies focused on improving people's health and the sustainability of the healthcare system. The firm was founded on the premise that investing in healthcare requires both a sophisticated understanding of the healthcare system, including the prevailing market forces and resulting opportunities, as well as deep connections with decision makers across key providers, payers and digital health innovators. Transformation Capital is an investor in digital health companies across the ecosystem, including Health Catalyst, UniteUs, Olive, LetsGetChecked, Cleo, Groups Recover Together, and Vera Whole Health.
SOURCE TMRW Life Sciences