Progyny Secures $15 Million in Final B-Round Funding Ahead of IPO

New York-based Progyny is a digital health company primarily focused on in vitro fertilization (IVF) and fertility. According to MobiHealthNews, the company recently completed its final Series B funding round, raising approximately $15 million. The company has launched an app designed to provide consumers seeking fertility services with a comprehensive “one-stop shop” experience, including intrauterine insemination (IUI), egg freezing, and physician consultations.

Progyny completed two rounds of Series A financing in February 2012, raising a total of $22.69 million. It subsequently conducted five rounds of Series B financing, amounting to $40.53 million. To date, the company has raised a total of $67.43 million across these two funding stages.

“One-Stop” Service

This app, named Progyny Mobile, is Progyny’s latest product. It provides access to Eeva, the first and only FDA-cleared embryo viability testing system. Progyny Mobile offers users goal-oriented services based on their location. For example, after a user selects egg freezing services, the app guides them step by step to make optimal decisions by comparing prices, distances, success rates, and other frequently asked questions.

“Imagine a store that knows who you are, understands your goals, and guides you step by step through the shopping process. Progyny supports every decision you make, offering personalized recommendations. Moreover, because you interact with the app on your mobile device rather than consulting directly with people, it better protects your privacy by discreetly executing your instructions,” said George Nassef, Chief Technology Officer of Progyny.

The app was launched six months after the introduction of Progyny’s fertility benefits program. Since then, additional vendor partners have been added, and the company has begun collaborating with self-insured employers seeking to offer fertility services. Progyny’s benefits offerings include employer-independent user service plans, as well as programs for in vitro fertilization (IVF) and egg freezing.

Other companies also offer similar services, such as Ava from Switzerland, which primarily helps users plan their fertility by tracking biological metrics. In contrast, Progyny Mobile is dedicated to creating an experience that frees users from the stress and confusion of searching for fertility services.

“Right now, if you are seeking in vitro fertilization or egg freezing services, you can browse numerous websites, but none of them know your location, may not display actual prices, or even have any information about you. However, Progyny Mobile understands you. Even if you are unsure what services you truly need, it enables you to easily learn about and discover the personalized care that suits you through a systematic questionnaire and introductory guidance,” said Nassef.

Personal "Success Rate"

Progyny is developing an in-app algorithm to predict the success rates of in vitro fertilization (IVF), with a release expected later this year. Currently, Progyny Mobile provides success rate data for IVF providers listed in the Centers for Disease Control and Prevention (CDC) registry prior to 2014. The CDC does not yet have data for some providers that were added to the registry after that date. However, Nassef stated that users will be able to input their personal information into the app to help predict their individual success rates.

“The advantage of the predictive algorithm we developed is that you can obtain results without relying on government big data. You can input your blood type, DNA score, seminal fluid volume of your sexual partner, body weight, body mass index (BMI), and other parameters. Once these data are entered into the algorithm, you can predict your personal success rate rather than depending on government data, which may not be applicable to you,” said Nassef.