The press release is available on Cision here.
MONTREAL, QC – April 4, 2023 – Eli, a healthcare technology company committed to enhancing women's lifelong health through saliva-based hormone testing, announced today that it raised 5 million CAD in new capital to drive its next phase of growth.
Hormonal changes play a crucial role in women's health, yet accessing this information remains out of reach for most women. Eli aims to bridge this gap by providing daily hormonal data through real-time saliva analysis, allowing women to track hormonal fluctuations throughout their lives to gain better insights into their health. This at-home technology addresses the unmet needs in several key areas, including menopause, fertility, contraception, and endocrine conditions.
"Hormones have an enormous impact on women's health from puberty to menopause. Yet they remain a black box. We are unlocking that box so that women can have data at their fingertips to make informed decisions daily and own their overall health," said Marina Pavlovic Rivas, CEO and Co-founder of Eli.
"Eli has the potential to revolutionize the hormonal health market, and our investors' profile speaks to this," added Marina Pavlovic Rivas. Muse Capital, a venture capital firm in Los Angeles focusing on underserved markets, spearheaded the seed round, accompanied by San Francisco-based RH Capital and Cake Ventures. Other funds with a track record of investing in category-defining businesses and healthcare innovations, such as TELUS Pollinator Fund For Good, Garage Capital, and Leva Capital, also contributed. Longtime supporters, such as Real Ventures, Panache, Vectr, and pan-Canadian consortium MEDTEQ+, reaffirmed their commitment to Eli.
"As investors in women's health, we are thrilled to support Eli Health, whose innovative technology enables continuous hormone testing from the comfort of home," said Rachel Springate, Founding Partner at Muse Capital. "We believe Eli's groundbreaking approach will have a transformative impact on the lives of millions of women worldwide. This is a giant leap forward for women's health, and we are proud to be part of this journey."
Eli's scientific and engineering breakthroughs resulted from years of R&D to make continuous monitoring possible by measuring minuscule amounts of hormones in saliva while keeping the product affordable for long-term use at home. "The process of measuring hormones is incredibly complex. Eli makes it accessible to users in three simple steps: collect a tiny amount of saliva, insert the test in the palm-sized reader, and get results in minutes on the app," added Marina Pavlovic Rivas.
"We see this technology as the missing bridge between the biological and the digital," adds Marina Pavlovic Rivas. "It will allow us to build a large-scale longitudinal dataset of daily hormone levels for the first time in history. Filling this major data gap will help medical and research communities address previously unaddressable needs."
"Having monitored the at-home testing space for years, we are super excited by the company's novel technology to measure small amounts of hormones in saliva and also read results immediately at home, unlike the plethora of urine-based or send-out tests that exist today," said Dr. Alice Zheng, MD, Principal at RH Capital. "This allows for daily testing with timely results that had never been possible before."
The new capital will allow Eli to finalize product development and move through clinical validation and regulatory approvals leading to launch. Since its creation in 2019, Eli has raised a total of 9 million CAD, including a pre-seed round of 1.9 million CAD in 2020.
To learn more about Eli, please visit www.eli.health or join the launch list here.
About Eli Health
Eli is a women's health company on a mission to improve lifelong health by continuously monitoring hormones in saliva. Hormones impact overall health every day and at all stages of life. Yet, traditional testing methods and send-out tests only provide infrequent snapshots. In three simple steps, Eli's at-home technology provides personalized hormone profiles continuously to transform how women manage their hormonal health in key areas like menopause, fertility, contraception, and endocrine conditions.
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