Nuveta, a medical device company, closed a $800,000 Series A seed financing round, funded by Vivo Ventures.
The Portola Valley, Ca.-based company will use the funds to complete proof-of-principle studies on its lead program, designed to improve the culture media used during the n Vitro Fertilization (IVF) process.
Founded in 2009, Nuveta is focused on the development and commercialization of new applications designed to significantly improve the pregnancy success rates following IVF therapy.
Commenting on the financing, George Tidmarsh, Nuveta’s founder and chief executive officer, was reported as saying: “Vivo Ventures has provided the seed money necessary for Nuveta to complete proof-of-principle studies examining the potential utility of a naturally occurring protein in the in vitro fertilization process.
“We believe that research in this growing market is vital, and there are few organizations exploring new methods to advance today’s IVF culture conditions. By exploring key scientific questions involved in the IVF process, we have the potential to enhance the competency as well as the overall quality and viability of embryos. Ultimately, these advances could result in increased pregnancy success rates while potentially reducing the demand for multiple embryo transfers, along with the risks and expenses involved with the resulting multiple births”.