Eli – a healthcare company committed to enhancing women’s lifelong health through saliva-based hormone testing – announced that it raised CAD $5 million in a new funding round to drive its next phase of growth.
Hormonal changes play a major role in women’s health, but accessing this information remains out of reach for most women. Eli is aiming to fix this issue by offering daily hormonal data through real-time saliva analysis, enabling women to track hormonal fluctuations throughout their lives to gain better insights into their health. This at-home technology addresses unmet needs in several major areas like menopause, fertility, contraception, and endocrine conditions.
Eli’s scientific and engineering breakthroughs resulted from years of research and development 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 new funding round will enable Eli to finalize product development and move through clinical validation and regulatory approvals leading to launch. And since launching in 2019, Eli has raised a total of CAD $9 million, including a pre-seed round of CAD $1.9 million CAD in 2020.
Muse Capital, a venture capital firm in Los Angeles focusing on underserved markets, spearheaded the seed funding round. And they were accompanied by RH Capital and Cake Ventures. TELUS Pollinator Fund For Good, Garage Capital, and Leva Capital also contributed the round along with longtime supporters like Real Ventures, Panache, Vectr, and pan-Canadian consortium MEDTEQ+.
KEY QUOTES:
“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.”
“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.”
“Eli has the potential to revolutionize the hormonal health market, and our investors’ profile speaks to this.”
“We see this technology as the missing bridge between the biological and the digital. 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.”
- Marina Pavlovic Rivas, CEO and Co-founder of 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. 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.”
- Rachel Springate, Founding Partner at Muse Capital
“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. This allows for daily testing with timely results that had never been possible before.”
- Dr. Alice Zheng, MD, Principal at RH Capital
