Preterm birth is the number one cause of infant mortality globally
Women face a variety of challenges during their pregnancies that often require medical care. Preterm births each year affect millions of families worldwide leading the startup Novocuff to find a way to extend pregnancy.
To achieve this, co-founders CEO Amelia Degenkolb and COO Donald Lee developed a medical device to stabilize and close the cervix to retain amniotic fluid and sustain cervical length. Seeing promise in their innovation, they set the company’s mission to transform the standard of care and improve pregnancy outcomes for women and their newborns.
Novocuff is addressing the approximate one million annual deaths resulting from complications associated with Preterm Premature Rupture of Membranes (PPROM) and cervical shortening, according to the World Health Organization.
Readying for its next stage, Novocuff just closed an oversubscribed $26 million Series A funding round after raising an initial $2 million seed round. The funding will be used to expand its team, run a U.S. multi-center pivotal clinical trial, gain market authorization, and establish early-stage commercialization.
Recent hires include Kathryn Wine (Vice President of Clinical Affairs) and Marissa VanDeVeer (Clinical Engineer), who are joining the effort to bring this innovative medical device to market.
“We are thrilled to have the support of a strong and mission-aligned group of investors as we enter this exciting next phase of clinical development,” said Degenkolb. “This funding catalyzes our ability to deliver a solution to a healthcare need for women, and their families and healthcare providers.”
AXA IM Alts, through its Global Healthcare Private Equity Strategy, led the round with a $14 million in funding. Its investment into Novocuff follows its previous one into Alydia Health, where Novocuff CEO Degenkolb played a key role.
“Given the lack of solutions currently available to address this significant global health challenge, we are thrilled to directly contribute to Novocuff’s mission to improve pregnancy outcomes. We have followed Novocuff since its founding and are excited about the company’s progress and clinical data generated to date,” said Curt LaBelle, Head of Healthcare Private Equity at AXA IM Alts.
Joining the round are Laerdal Million Lives Fund with continued support from existing investors and new investors Laborie, RH Capital, Avestria Ventures and March of Dimes.
With the closing of the Series A financing, Curt LaBelle, Lilly deSouza Burr, Vice President Global Health Investing at AXA IM Alts, and Becca Shmukler, Principal at the Laerdal Million Lives Fund, joined Novocuff’s Board of Directors, which also includes Shacey Petrovic as Chair of the Board.
