Eli, a women’s health company that created a novel hormone tracking technology, is announcing a $1.9 million ($1.5 million USD) seed funding round.
Vectr Ventures co-led the round with 2048 Ventures. Also participating was Real Ventures, Techstars, Panache Ventures, Ramen Ventures, MEDTEQ+ and serial entrepreneur Steven Arless. Arless will join Eli’s board.
“Hormones are core to women’s fertility and general health, yet they remain a black box. We are unlocking that box and empowering women to have access to their own hormone data daily,” said CEO Marina Pavlovic Rivas. “We are removing the mystery. With Eli, women will have data at their fingertips to be proactive about their health, to make informed decisions and avoid unnecessary medication or invasive devices.”
According to Eli, “millions of women… demand hormone-free and non-invasive options to manage their fertility and better understand their bodies.” The company is developing a device that uses saliva to capture hormone fluctuations at home. It is also creating an app providing daily information based on a user’s hormonal profile.
Eli said it will use the new capital for product development, clinical validations with independent medical centers, and sales. The company will also continue working with academic institutions to push women’s health research forward.
The startup previously raised $600,000 USD after attending Techstars Montreal AI, some of which came through other sources.
“The first step to delivering more personalized and integrated care for women is to fill the massive data gap in the space,” said Louisa Zhang, Vectr Ventures’ managing director.
The investor added that Eli’s at-home saliva test give a woman a comprehensive view of her hormone profile. According to Zhang, this is far more accessible and convenient than existing options.
“More importantly, it puts together a unique longitudinal hormone dataset for women not just during their fertility years but throughout different life stages, from puberty, contraception to menopause.”
“We invested in Eli because of the founders’ vision to put health data, tied to hormones, into the hands of women,” said Neha Khera, a partner at 2048 Ventures. “They envision a future where this data empowers women to conceive quicker, to have a more natural form of contraception, and to understand their body better as it goes through menopause. Eli’s technology is unlike anything we’ve seen on the market, and we are thrilled to be a part of their journey.”