A health app focused on tracking the menstrual cycle to deal with issues such as endometriosis has raised $1.7 million to launch an artificial intelligence (AI) health assistant for women.
The round for Ovum was led by impact VC Giant Leap, supported by Antler, Victoria and Robyn Denholm’s Wollemi Capital, Nakatomi Venture Studio, LaunchVic’s female founder-focused Alice Anderson Fund, Dr Nick Engerer, and Tim and Casey Cosh.
Ovum is creating a women-specific AI dataset and its platform integrates and stores blood tests, imaging reports, and other medical information. It also has an interactive function for women to ask questions and track any health issue, alongside cycle tracking.
The medtech startup launched its beta version last year and is also developing the first longitudinal dataset to improve treatments and diagnostics for women. It also took part in the SXSW Sydney pitch competition and received a $20,000 grant from LIFTwomen.
Cofounder Dr Ariella Heffernan-Marks said around a million Australian women suffer from endometriosis, a disease involving tissue similar to the uterus lining growing outside it, and often leading to severe and debilitating period pain.
“But with our current health care framework, it can take 7 to 12 years to reach a 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,” she said.
“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 a solution that directly addresses them.”
Heffernan-Marks has a background in reproductive biology and embryology from Monash University.
The funds will be used to launch Ovum’s bespoke AI health assistant to market. Using the app costs around $180 a year on a monthly subscription.
Giant Leap partner Rachel Yang, Partner said they invested because it’s an opportunity to tackle systemic gaps in women’s healthcare.
“Ovum’s inclusive AI directly tackles the gender health data gap, addressing critical issues like under-diagnosis and delayed treatments that can cost women up to 8 days in productivity per year and significantly impact their overall quality of life,” she said.
“Ovum is redefining healthcare by designing solutions with women, for women.”
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