Australian medical device manufacturer Baymatob has closed an A$4.215 million ($3 million) equity offering, the proceeds of which will be used to complete its human clinical trials for its AI-enabled labor monitoring device.
The placement includes cornerstone funding from insurance company Australian Unity’s Future of Healthcare Fund.
WHAT IS IT FOR?
Baymatob’s flagship Oli uses sensors and AI to identify mothers who are at high risk of developing abnormal postpartum hemorrhage (PPH) before giving birth.
Based on current clinical data, Oli could be used to provide clinical attention to eight out of ten mothers with PPH before their bleeding starts.
With its recent investment, Baymatob can complete its pilot study with 500 patients in Australia and the US.
In August last year, Oli received a breakthrough device from the US Food and Drug Administration, giving Baymatob an accelerated regulatory assessment path.
WHY IT MATTER
PPH or heavy postpartum bleeding is a serious pregnancy complication that has claimed a mother every seven minutes worldwide. In the US it is responsible for about 11% of maternal deaths per year and for about a quarter of all maternal deaths worldwide.
Baymatob noted that little progress has been made in maternal and fetal monitoring technologies in general, with even less progress in successfully detecting PPH. Most maternal health devices on the market focus on maternal heart rate and contractions.
“It’s a sad fact that mothers today are monitored by the same measures as their grandmothers,” said founder Dr Sarah McDonald. PPH is often diagnosed by estimating blood loss after it has occurred.
“There is clear evidence that devices used in labor monitoring are not helping us improve outcomes for mothers and babies,” McDonald emphasized.
In recent years, investors have increasingly supported maternal health care platforms, helping them cope with the rising number of preventable pregnancy-related deaths.
One such platform is Cayaba Care, which received $3.2 million in seed funding last August. The startup connects community-based clinical and social partnerships with multidisciplinary care teams with technology. Its purpose is to provide care coordination, benefit registration, routine maternity care, mental health care, breastfeeding support and patient education.
baby scripts is another platform that scored $12 million in a Series B funding round in September. It provides remote monitoring and educational content to help midwives manage pregnancies virtually.
ON THE REGISTRATION
“As pregnancy complications increase, breakthrough technologies such as Oli have significant potential to reduce women’s morbidity and mortality and ultimately transform healthcare,” said Victor Windeyer, fund manager of Australian Unity’s Future of Healthcare Fund.