Annaida raises CHF1 million to improve In Vitro Fertilization

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09.04.2020
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Annaida Technologies SA today closed an oversubscribed seed financing round led by HEMEX. Zürcher Kantonalbank, Fongit Seed Invest (FSI), Business Angels Switzerland (BAS), Privilège Ventures, Venture Kick and an angel investor also joined the round to support the start-up developing non-invasive embryo screening technology.

Every year more couples turn to In Vitro Fertilization (IVF) when trying to conceive. The unreliability of IVF multiplies costs as more cycles and tests are required, adding to the emotional and physical burden of such procedures. A crucial aspect of the cycle is the choice of the best embryo for transfer, the one with the highest chance of becoming a healthy baby. Current methods, by examination under a microscope or by taking a biopsy of as much as 15 percent of the embryo’s cells, are too qualitative or too slow and invasive, resulting in successful pregnancies 35 percent of the time on average. Doctors need something better.

To improve the IVF process, a non-invasive yet quantitative embryo screening method is highly sought after. EPFL spin-off Annaida is developing the device to achieve it, harnessing a technology that is delicate enough to use on a human embryo. The startup’s device performs microscopic Nuclear Magnetic Resonance (“μNMR”) at a scale 10-fold better than existing technologies. Like an MRI scanner, shrunk to suit embryos about one-fifth of a millimeter in size the device will allow IVF clinics to perform their analysis on-site and within an hour. Fertility is a growing global market, already worth over CHF 20 billion, with patients already spending over 1 billion on screening embryos for viability. Europe’s clinics perform over 700,000 cycles every year, more than any other continent, making it the ideal place to start. Beyond IVF, Annaida’s device can enable other valuable applications in biochemical research and pharmacology. This is only the beginning.

Annaida Technologies SA was incorporated in June 2019 with a first investment by HEMEX and an angel investor. The funds allowed for substantial advancements to the device and the establishment of essential collaborations for future progress. The goal of the current, milestone-based CHF 1M seed round is to validate the device’s safety and to run preclinical trials to define biomarkers for embryo viability.

“In this round we are adding a diverse set of investors which provide a unique mix of relevant expertise, a valuable network, ability to further support Annaida in the future and the stability needed to fully realize our potential. We are fortunate to have investors that share our vision and see beyond the uncertainties of today’s market” said CEO Gora Conley.

“With this support we are now able to push forward our development towards a technology that will have unparalleled performance, high resolving power, and that is safe for use on something as delicate as a human embryo. Annaida will bring μNMR, and the know-how we are developing, to areas where the current solutions simply don’t offer enough” said CTO Marco Grisi.

For the financing round lead investor Hemex was joined by Zürcher Kantonalbank, Fongit Seed Invest (FSI), Business Angels Switzerland (BAS), Privilège Ventures, Venture Kick and an angel investor.

(Press release / SK)

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