The clinical testing giant Labcorp has picked up Ovia Health, developer of a digital platform for tracking pregnancies and coaching new parents through infancy.
The acquisition marks a new step in Labcorp’s commercial push into the burgeoning “femtech” space, after a strategic venture investment in Ovia and its women’s health programs last year. The financial terms of the latest deal were not disclosed, but Ovia has posted about $20 million in annual revenue.
Formerly known as Ovuline, Ovia offers on-demand coaching services, including for baby sleep training and breastfeeding, as well as tools for following ovulation cycles and fetal development.
“Patients, doctors and health systems are increasingly using digital health solutions to inform healthcare and treatment options,” said Brian Caveney, chief medical officer and president of Labcorp Diagnostics.
The company expects Ovia’s offerings for patients to complement the menu of tests and services it already provides to OB-GYNs and primary care physicians, including genetic carrier screening and counseling.
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“Our combined capability will enable us to significantly expand our reach, enrich our content and explore new methods of promoting a holistic approach to improving women’s health,” Ovia co-founder and CEO Paris Wallace said in a statement. “We’re particularly excited about developing new products and services with Labcorp that fulfill the unmet needs of individuals with reproductive health conditions.”
Ovia says its programs have been used by more than 15 million families. It maintains partnerships with universities and other research groups to leverage personal health data and it provides employers and health plans with wellness programs.
Femtech has been described as a newly growing sector in global digital health, with startups focused on data-based and direct-to-consumer solutions for fertility, pregnancy, chronic diseases, and sexual and gynecological health—including companies such as the telehealth network Nurx, the precision medicine provider Celmatix, and the digital therapeutic developer Renovia.
A 2020 report from the venture capital firm Rock Health found that the average size of femtech deals increased steadily over the past decade, with about 80% of companies raising capital in the space being led by women, compared to just 15% for the digital health industry overall in 2019.