Materna Medical Closes $20M Financing Round

Materna Medical Inc. has recently closed an ongoing $20 million Series B2 financing round that was led by InnovaHealth Partners. The round also attracted interest from GLIN Impact Capital, Wealthing VC Club, and Citrine Angels, Wavemaker Three-Sixty Health, Kimera Limited, Women’s Venture Capital Fund, and Golden Seeds.

In conjunction with the funding announcement, the company revealed the name of its second product.

“As we celebrate the addition of these new funds to our investment team, we are also excited to announce the new commercial name for our second product, Ellora (formerly Materna Prep), aiming to transform the standard of care in labor and delivery,” Materna Medical CEO Tracy MacNeal stated. “Over 20 of the top hospitals in the U.S. have been incredible partners in the EASE trial for Ellora, which will be the basis of our FDA De Novo submission this summer.”

The company’s first product, Milli, is vaginal dilator to support patients suffering from vaginismus and related painful sex. In 2019, the Milli device launched as a wellness trainer and, in 2023, received U.S. Food and Drug Administration clearance to sell over the counter, enabling streamlined access to people suffering from vaginismus. Milli outcomes have been studied in a post-market prospective virtual study named POMPOM.

Materna’s second product, Ellora, is an investigational device used during labor and is intended to reduce pelvic floor muscle injury during vaginal delivery. This product is being anaylzed in the EASE trial, a large, randomized controlled study in 20 top U.S. hospitals. Materna aims to transform the standard of care in labor and delivery by protecting pelvic floor health for mothers.

Materna Medical is an OBGYN platform company defining a $25 billion market with core technologies addressing unmet needs in women’s pelvic health. With headquarters in Mountain View, Calif., Materna pulls from the top minds in medtech to transform OBGYN care. With a diverse team of engineers, scientists, researchers, and commercial leaders, Materna Medical aims to empower women to protect their pelvic health.