Inne Secures €8M Series A Funding to Expand Team and Advance Hormone Tracking Device

On October 31, 2019, VCBeat (WeChat ID: vcbeat) learned from foreign media reports that biotech startup Inne announced the completion of an €8 million Series A financing round. The round was led by Blossom Capital, with participation from early supporter Monkfish Equity, angel investor Taavet Hinrikus, Trivago co-founder Rolf Schromgens, and Tom Stafford, Managing Partner at DST Global.

It is reported that this round of financing will be used to expand the team and hire more employees in software engineering, design, and operations.

Inne was founded by entrepreneur Eirini Rapti, who set out to develop a saliva-based biosensor device that women can use to assess their fertility. Eirini Rapti assembled a team to help build the device, along with a reader and a companion app, with the product expected to launch in the coming months.

Eirini Rapt explained, “Women want to learn more about their bodies and how to manage their reproductive health. They may be concerned about the right timing for starting a family, and some may even decide against hormonal therapy due to side effects.”

“To use Inne, women need to collect a saliva sample each day and insert it into the Inne reader. The app will collect and calibrate progesterone levels, using image analysis to determine whether the user is fertile on that day,” she continued.

It is understood that Inne helps users gain deeper insights into their ovulation, menstrual cycles, and hormone levels, thereby empowering women to better understand their bodies. “Most women only think about their fertility when they are trying to conceive, which creates significant stress and can be counterproductive. However, if you can understand how your body works from an early age, you will be better equipped to decide when to start a family,” added Eirini Rapt.

According to Inne’s CEO, the startup has already obtained European CE certification. Inne is expected to release more information on studies evaluating its efficacy prior to its market launch.

Recently, startups leveraging technology to improve women’s health have attracted significant attention from investors and the digital health community. London-based Elvie serves as a prime example. As a manufacturer of smart breast pumps and pelvic floor trainers, the company announced in April that it had secured $42 million in Series B funding.

Despite some progress, industry insiders warned at a recent event in London that there is still a long way to go to break the taboos surrounding women’s health, particularly within the male-dominated tech industry.

Louise Samet, Partner at BLOSSOM, stated in a press release: “Inne successfully combines scientific validity with practicality, empowering women to better understand their physical well-being across various stages of life. We are truly impressed by the team’s meticulous attention to design and ease of use, as well as their commitment to scientific rigor and their clear ambition to impact women worldwide. We are excited to join Eirini Rapt and her exceptional team as they embark on the next phase of their journey.”

Dirk Freise, founder of Shortcut Ventures, added, “We have been closely observing how Eirini Rapt has assembled an exceptional team and her meticulous approach to product development and business model design. Women are downloading period-tracking apps, but these applications offer users little in the way of genuine insights or value. Inne analyzes the data it collects and makes it meaningful. For women around the world, achieving contraception without the use of hormonal drugs represents a significant advancement.”

Blossom Capital is an early-stage venture capital fund that leads Series A financing rounds and is dedicated to investing in unicorns in the United States and Europe.

(Compiled by Xiong Hui)