Ovum, founded by Dr Ariella Heffernan-Marks, has raised $1.7 million in a pre-seed round to tackle the women’s health market – projected to be worth $121 billion by 2033. Globally, the gender health gap is valued at $1 trillion.
When Dr Ariella Heffernan-Marks first envisioned Ovum, she was a young doctor undertaking an internship in a Bondi Junction hospital.
“I saw first-hand how fearful women were of the healthcare system,” Dr Heffernan-Marks tells Forbes Australia. “It was leading to lower health literacy and a rise in chronic conditions. Worse, I saw that they were going to social media rather than a health provider for advice.”
Heffernan-Marks could see that women’s health was not getting the attention it deserved, nor was it prioritised in the way that men’s health was.
“My reproductive biology specialisation allowed me to see women’s health was siloed in our health system. Medical research was not representative of women, impacting how doctors were trained to diagnose and treat them. All in all, the health system was treating women and paying little mind to their physiology,” says Heffernan-Marks.
Now based in Melbourne, the doctor specialising in women’s health is both the founder and the CEO of startup Ovum. The company raised a $1.7 million seed round this week to address the enormous gap in the healthcare market.
“We invested in Ovum because addressing women’s health is not just a rapidly growing market—projected to exceed $121 billion by 2033—but also a vital opportunity to tackle systemic gaps in women’s healthcare,” says Rachel Yang, a partner at Giant Leap, the VC firm that led the raise.
“Through our extensive research into the sector, we’ve seen the immense potential for innovation to transform access, outcomes, and equity in healthcare,” says Yang.
Using AI to address endometriosis
The Ovum app helps women who suffer from pain, medical conditions and fertility problems reach a diagnosis earlier.
“We know that around 1 million women in Australia suffer from endometriosis. But with our current healthcare framework, it can take 7 to 12 years to reach a diagnosis. That’s a decade of pain and frustration caused by our health system and it’s just one example of a much broader issue,” says Heffernan-Marks.
“Ovum is the solution to this problem. This is about using new technologies such as AI to level the playing field. Women endure complex and nuanced health conditions and they deserve a solution that directly addresses them.”
Yang says the AI-revolution has enabled Ovum to create innovative solutions to address the conditions that many women suffer through in silence.
“Ovum’s inclusive AI directly tackles the gender health data gap, addressing critical issues like under-diagnosis and delayed treatments that can cost women up to 8 days in productivity per year and significantly impact their overall quality of life,” says Yang.
What is the Ovum platform?
Described as a ‘hub’ for medical data, Ovum stores the results of blood tests, imaging reports, and referrals. Users can ask the Ovum interactive platform questions and track not only their cycle, but also the progression of health issues. It’s designed to give women ‘control of their health data and therefore their health journey,’ according to the company.
A large pool of data also facilitates a ‘women-specific AI dataset,’ that has been overlooked in medicine for decades. Approaching healthcare in a women-centric fashion is unique, says Wollemi Capital CEO Victoria Denholm who contributed to this pre-seed round, and has been a supporter of Heffernan-Marks getting the Ovum platform off the ground.
“We have a focus on founders who are pushing the boundaries in their respective field to make positive change for generations to come,” says Denholm. “Ariella is driven to make lasting change by disrupting a billion-dollar industry and improve health outcomes for Australian girls and women. That’s something we’re proud to support.”
Antler, another powerful VC in the Australian ecosystem, is also on-board to rectify the gender gap in women’s healthcare.
“With technology advancing rapidly, it’s long overdue that women receive personalised, accessible, and empowering healthcare solutions – and Ovum is exactly that,” says James McClure, a partner at Antler.
Victoria’s Alice Anderson Fund, Nakatomi Venture Studio, Dr Nick Engerer, and Tim and Casey Cosh also invested in the raise.
“With Dr. Ariella Heffernan-Marks leading the charge, Ovum is redefining healthcare by designing solutions with women, for women, ensuring no one is left behind,” says Yang.
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