Novocuff announced that it closed an oversubscribed Series A financing round worth $26 million, adding to an initial $2 million seed round.
The funds support the company’s medical device aimed at stabilizing and closing the cervix. This device helps to retain amniotic fluid and sustain cervical length with the goal of extending pregnancy.
AXA IM Alts led the round with a $14 million investment, alongside significant participation from Laerdal Million Lives Fund. Existing and new investors Laborie, RH Capital, Avestria Ventures and March of Dimes also provided support in the round.
In conjunction with the funding, AXA IM Alts’ Lilly deSouza Burr and Laerdal Million Lives Fund’s Becca Shmukler joined Novocuff’s board. Shacey Petrovic, former CEO of Insulet, serves as chair of the company’s board.
Mountain View, California-based Novocuff plans to use the proceeds to aid its growth plans, including the expansion of its team. Other uses include a U.S. multi-center pivotal clinical trial, marketing authorization efforts and early-stage commercialization. The company also added Kathryn Wine (VP of clinical affairs) and Marissa VanDeVeer (clinical engineer) to its team.
With funding secured, Novocuff plans to begin a multi-center U.S. pivotal clinical trial in early 2025. It already began work identifying potential clinical trial sites, according to a news release.
“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 Amelia “Amy” Degenkolb, CEO & co-founder of Novocuff. “This funding catalyzes our ability to deliver a solution to a healthcare need for women, and their families and healthcare providers.”
