FemTec Health comes into the spotlight with $38M, two acquisitions
Livongo vet Dr. Kimon Angelides is now looking to the women’s health space with her new company, FemTec Health, which is focused on using data for personalized care across a patient’s life cycle. The Texas-based startup is launching with more than $38 million in investor dollars.
The platform uses the BiomeAI engine to customize a patient’s journey by using consumer, genetic, microbiome and biometric data. FemTec Health, which is focused on health sciences and beauty, has acquired beauty box company Birchbox and social marketing platform Liquid Grids.
“Our first acquisitions within women’s health and beauty are key to our mission to revolutionize the women’s healthcare and beauty industry. Women deserve a comprehensive, all-encompassing model designed specifically for them. The starting point is to really understand a woman’s healthcare needs, and then apply smart technology like AI and predictive analytics to translate the data into actionable outcomes,” Angelides, the executive chairman and interim CEO, said in a statement.
In the future, FemTec Health plans to relaunch Birchbox, but with a focus on skin and healthcare products.
WHY IT MATTERS
There is a growing interest in digital health companies focused on people with vaginas. A Rock Health report found femtech companies raised $1.3 billion from January to August, which doubled 2020’s full-year funding total of $774 million.
However, women’s health still takes up a small percentage of all digital health fundings. The report says that funding dollars in the women+ space still only make up 5% of digital health funding.
“Women’s health has been under-researched and underrepresented for too long. As a woman and a scientist, I have often been the sounding board for friends and family on their wellness journey – offering advice and feedback on skincare, vaginal care, probiotics and supplements that can help with issues in skin and vaginal health, PMS and menopause.
“What I hear consistently is that women do not know where to go, or what products to choose that may help. This is where FemTec Health’s unified and coordinated platform comes in. We provide personalized services and science-based products that are meaningful and effective for women at all stages of their lives.
“I believe the future is female and FemTec Health will help get us there,” Kim Capone, chief scientific officer, said in a statement.
THE LARGER TREND
This isn’t the only company looking to help women understand their health and wellness over time. Last week, aging-focused wellness platform Modern Age announced a $27 million Series A funding. The company offers services to help individuals manage their skin, bone, metabolic, hormone mental and nutritional health.