Venture Capital News: TMRW Raises $12M in Series A
2019-05-29
NEW YORK, NY, TMRW has raised over $12M in Series A financing.
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.
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 IVF clinicians have embraced TMRW's platform because it replaces an outdated analog IVF cryo-management function with proven risk-mitigating robotic process automation technology.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;vincluding 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.
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