Credit Suisse is pouring millions into a tech start-up. The fledgling firm's offering is meant to lead to a veritable baby boom.
Will Credit Suisse be responsible for a baby boom in Switzerland? It's conceivable (pardon the pun), if Swiss start-up Ava has its way. The «femtech» firm said on Wednesday that is has closed a second round of $30 million in financing.
The investors include venture capital firm Btov Partners and SVC – an investment subsidiary. «We're very excited about the trust from existing investors as well as new ones with vast experience in technology, management, and venture capital, which can actively contribute to the success of Ava,» the firm's CEO Pascal Koenig said in a statement.
Ava sells a fertility tracker (pictured below), developed in conjunction with the University of Zurich, where researchers said they had tested the tool extensively. Ava said on Wednesday that its technology is responsible for 10,000 pregnancies since its launch two years ago.
Credit Suisse banker Didier Denat, who runs the bank's investment banking in Switzerland as well as the SVC arm, lauded Ava's promise: «Our engagement in Ava demonstrates the vast growth potential we believe the firm has. Ava unites a very fundamental issue for women with technological innovation, big data, and machine learning.»
Next, Ava wants to take the opposite end of the bet – birth control. The firm says its long-term vision is accompany women through their «entire reproductive life span». The firm has already won plaudits: co-founder Lea von Bidder was listed in «Forbes'» prestigious «30 Under 30» list this year.
37 Unwanted Pregnancies
Wearables have recently come under scrutiny for their accuracy in predicting fertility: «Wall Street Journal» (behind paywall) recently quoted various scientists questioning the efficacy of apps for birth control or contraception, especially when they are based on measuring female basal body temperature.
The method, which is susceptible to misreadings, got the app Natural Cycles into hot water: 37 women have come forward to complain that they became pregnant despite using the app's methodology.
