Israeli FemTech startup OCON Healthcare, a developer of an intrauterine contraceptive solution, secured an investment from San Francisco based Rhia Ventures, a fund that invests in women's reproductive health innovations. Other than Rhia, round participants also included U.S. based fund Astia Angels and Pontifax VC - also participated in a $2 million financing round held earlier this year. OCON also reported being awarded grants from the Israel Innovation Authority.
"We are thrilled to have Rhia Ventures join us for the next chapter of our journey to create a series of category-defining products in women's health and introduce safer, non-invasive medical solutions to improve quality of life," said Keren Leshem, CEO of OCON Healthcare. "Rhia's financing, partnership, and network will enable us to continue innovating."
OCON Healthcare has developed a simple painless spherical IUB (intra-uterine ball). The Israeli company’s flagship product - the IUB Ballerine - has a unique 3D shape that helps reduce irritation in comparison to standard T-shaped IUDs. The FemTech development provides a modern solution that according to Stasia Obremskey, Managing Director of Rhia Ventures offers an alternative treatment that is both safe and cost effective for women around the globe.
Adding to the company’s strong leadership, OCON also welcomed Dr. Anula Jayasuriya to the Chairwoman seat, who brings over 30 years of business, scientific and medical expertise. "I am passionate about advancing women's health and I'm very much looking forward to working with the excellent team led by the dynamic CEO Keren Leshem, and a board of directors consisting of leading Israeli and US investors and industry leaders. The health of women has been under innovated and under invested and is ripe for disruption. OCON is a company spearheading this challenge and transforming the health of women worldwide."
Keren Leshem, CEO of OCON Healthcare, said: "We are fortunate to have Rhia Ventures' support and Dr. Jayasuriya's leadership to spearhead the next chapter of our journey in creating a series of category-defining products and introduce safer, non-invasive medical solutions for women."
According to OCON Healthcare, the funding round will help spearhead U.S. market penetration for both of the Israeli startup’s female care products. Furthermore, the extra cash will help OCON expand phase II clinical trials for its intrauterine ballerine SEAD product.