A digital healthcare platform focused on in vitro fertilization and fertility has raised nearly $15 million in a new round of funding.
TriBeCa-based Progyny, which also offers an embryo-viability-testing system called Eeva, will invest the additional cash in its new app for patients, the company said Wednesday.
The mission of Progyny, which began as an IVF information platform, is making a costly and uncertain procedure more transparent for patients, founder and CEO Gina Bartasi told Crain's.
“What struck me was how opaque the industry was,” said Bartasi, who conceived twins of her own through IVF. “What Progyny is trying to do as a company is take care of the patients in terms of success rates, time of treatment and costs.”
The U.S. fertility industry is estimated between $3 billion and $4 billion, with the assisted reproductive technology segment valued at up to $2.5 billion, according to market research firm Harris Williams & Co.
The average cost of a treatment cycle is $12,400, according to the American Society of Reproductive Medicine, and many patients undergo more than one cycle before having a successful pregnancy.
This most recent financing round included Kleiner Perkins Caufield and Byers, SR One and TPG Biotech, bringing the total funding for Progyny to $67.43 million, according to figures from CrunchBase.
The seeds for Progyny were planted in 2008 with the launch of Fertility Authority, an educational and support platform for individuals pursuing IVF treatment. It later evolved into a referral network for IVF docs.
The company changed its name to Progyny in 2015 after acquiring Menlo Park-based Auxogyn, the inventor of Eeva. Its portfolio includes egg freezing and financing services, and IVF patient plans.
Progyny plans to use the funds to develop better tools for patients to predict IVF success and track fertility progress, the company said in the statement.
“Technology and benefit design innovation in the IVF industry is needed to improve success rates and patient satisfaction,” said Dr. Beth Seidenberg of KPCB, who sits on Progyny's board.
“Progyny is leading that charge and is poised to have a significant impact on helping patients navigate the complicated world of IVF and egg freezing.”
The company is also working on expanding its fertility benefits plan business, which counts eBay as one of its customers.
"Fertility startup raises $15 million in new round of funding" originally appeared in Crain's New York Business.
