Ovum, a women's health technology company, has successfully raised $1.7 million to develop and launch what it describes as the first holistic artificial intelligence health assistant for women. This funding round was spearheaded by impact venture capital firm Giant Leap, with participation from Antler, Wollemi Capital, Nakatomi Venture Studio, and the Alice Anderson Fund.
Founded by Dr. Ariella Heffernan-Mark, who has experience as a medical doctor and reproductive biology specialist, Ovum aims to tackle the alarming $1 trillion gender health gap. Currently, one in two Australian women suffers from chronic health conditions, and as many as one million are living with endometriosis, often taking between seven to twelve years to receive proper diagnoses.
Dr. Heffernan-Mark commented on the significance of Ovum's mission, stating, "Ovum is the solution to this problem. This is about using new technologies such as AI to level the playing field. Women endure complex and nuanced health conditions and they deserve solutions directly addressing them." With the recent funding, the company plans to accelerate the development of its platform, which integrates medical records, biometric data, and menstrual tracking.
The platform has already completed successful beta testing, allowing users to ask questions and track health issues with confidentiality. Dr. Heffernan-Mark stated during her talk about the healthcare framework: "With our current health care structure, it can take 7 to 12 years to reach diagnosis. That’s a decade of pain and frustration caused by our health system and it’s just one example of a much broader issue.”
Ovum’s technology will enable the creation of women-specific AI datasets, integrating various health metrics such as blood tests and imaging reports. The AI health assistant is set to feature interactive functions where women can inquire about their health and proactively manage issues, making it easier for them to understand and track their health.
The funding round marks another step forward for Ovum, which participated last year in the SXSW Sydney pitch competition and previously received $20,000 from the LIFTwomen APAC cohort. The startup's financial backing signifies growing investor interest and recognition of the systemic gaps present within women's health care.
James McClure, an Antler partner, praised Dr. Heffernan-Mark’s vision to empower women, stating, "Her unwavering commitment to improving women's health outcomes is matched by her relentless execution." It is this combination of determination and innovative technology aimed at remedying gender-based healthcare disparities, according to Rachel Yang, also from Giant Leap. She explained, "Ovum’s inclusive AI directly tackles the gender health data gap, addressing issues like under-diagnosis and delayed treatments, which can cost women up to eight days of productivity per year.”
The platform is envisioned to not only serve as a tool for tracking menstruation cycles and related health issues but aims to address broader health challenges faced by women, exemplifying its necessity. Ovum envisions clinical trials commencing by 2025 through collaboration with the George Institute for Global Health, aligning with the firm’s goal to redefine how women's healthcare is approached.
Ovum projects the app will cost approximately $180 annually through subscription, making advanced women’s health tracking more accessible. The company is careful to design solutions with women, by women, highlighting the frustrations many face as they navigate their health journeys.
Overall, Ovum is set to reshape healthcare for women by providing them with personalized tools and resources. Dr. Heffernan-Mark emphasizes the intent behind this technology: “The goal is not just to offer functionality but to empower women through their health data, allowing them to make informed decisions about their well-being.”