IVF automation startup Overture Life has raised $15 million (€12.3M) in Series B funding led by Octopus Ventures. Additional investment also came from Google Ventures and previous investors like Khosla Ventures and Felicis Ventures.

With this round, the Madrid-based startup has now raised a total of $37 million (€30M) in support of its mission to revolutionise embryology and make IVF more accessible.

WHAT IT DOES

Fertility rates have been declining in both women and men over the last 60 years. However, currently IVF can cost upwards of $10,000 (€8,000) per round with around a 20% success rate, making it an unattainable option for many.

By automating all stages of the IVF process, Overture Life is striving to simplify the process and make artificial insemination a more accessible option by lowering costs, optimising use of resources and increasing success rates.

Overture Life’s main product is NaturaLife, a medical device which was launched in November 2019 marketed as “an embryology lab in a box”. It can perform non-invasive genetic embryo testing, egg freezing and embryo vitrification all in accordance with standardised best practices.

WHAT IT’S FOR

The funding will be used to expand the company’s operations in Europe and the US and begin commercialisation of its products, which are expected to go to market at the end of this year.

MARKET SNAPSHOT

There has been a recent up-spike in AI-enabled fertility companies. Earlier this month, US-based Alife raised $9.5 million (€7.8M) in Seed funding, while Australian femtech company Presagen announced the development of a new product that uses AI imaging to assess the health of an embryo. This followed a pilot scheme by Israeli startup Embryonics, which is developing an algorithm to predict the probability of embryo implantation. In the Netherlands, Royal Philips has partnered with Merck to develop a range of integrated digital solutions for personalised fertility treatment.

Although almost a third of all IVF treatments take place in Europe, China has the largest assisted reproductive market in the world. In February this year, assisted reproductive unicorn Basecare Medical listed on the Hong Kong Stock Exchange, reflecting the increased demand for embryo testing products.

ON THE RECORD

Martin Varsavsky, CEO of Overture Life, said: “Overture Life will automate and robotise the embryology lab, improving IVF and egg freezing success rates and lowering costs, thereby democratising access to fertility. It is a significant validation of our vision and of our technical progress that investors such as Octopus and GV are joining us in our mission.”

Luke Hakes, partner and health investor at Octopus Ventures, said: “Having spent many months researching the fertility market and landscape, we believe that Overture is one of, if not the, most exciting company in this space. The innovative and pioneering products that Overture is building will fundamentally transform the global fertility market by increasing accessibility and affordability, and in a much more meaningful way than existing solutions and services. Combined with a first-class team and powerful mission, Overture has all the necessary ingredients to become a truly category-defining business.”