The Californian company Novocuff raised $26 million in a Series A funding round led by Axa Investment Managers. The round also saw participation from Avestria Ventures, Laborie Medical Technologies, Laerdal Million Lives Fund, March of Dimes, and RH Capital.
Insurtech is known for developing medical devices to prevent the risk of premature birth. According to data from theWorld Health Organizationcomplications related to preterm birth are the leading cause of death among children under 5 years of age, responsible for approximately 900,000 deaths in 2019.
The Axa Group has estimated the global economic impact of premature births at over 25 billion dollars, due in particular to the cost of long hospital stays but also to the possible health problems that may arise in the child later in life.
Also for this reason, the company has decided to support once again the Californian company that has developed a medical device aimed at stabilizing and closing the cervix to retain amniotic fluid and support cervical length, with the aim of prolonging pregnancy.
“We are thrilled to have the support of a strong, mission-aligned investor group as we enter this exciting next phase of clinical development,” commented Amelia Degenkolb, CEO and co-founder of Novocuff – This funding catalyzes our ability to provide a solution to a health need for women, their families and health care providers.”
“As the leading cause of infant mortality globally, preterm birth is a major unaddressed global health problem,” he said. Curt LaBelle, Head of Healthcare Private Equity at Axa Im Alts “We have followed Novocuff since its founding and are excited about the company’s progress and the clinical data generated to date. Our investment should enable the completion of a pivotal trial in the United States and the introduction of the Novocuff device in global markets, including low- and middle-income countries. This is in line with our commitment to generate measurable and positive health outcomes along with attractive long-term financial returns for our investors.”
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