Health tech entrepreneur Kimon Angelides' latest venture, FemTec Health, has launched out of stealth with $38 million in investor cash and a deep bench of women in leadership.
The startup focuses on women's health and beauty using technology and data to personalize care. The company launched in October and was in stealth since May 2020.
At launch, FemTec Health has over 10 million members, two clinical trials in progress, a staff of 150 and several health and life sciences leaders on board, according to the company. Kimberly Capone, formerly with Johnson & Johnson, has joined as chief scientific officer and Laura Clapper, M.D., chief operating officer, comes to the company with experience at Cigna and CVS-Aetna.
"There is so much that needs to be done to help women navigate the healthcare system and empower women as healthcare consumers," Clapper told Fierce Healthcare. "The healthcare system today was developed for men. It's our vision and mission to develop something that is female-centric, designed for women, with a female leadership team and really think about what women want, instead of saying, 'This is what we have and women get use to it.'"
She added, "My goal is to give women the healthcare they deserve and the healthcare that I want for myself and for my friends and my family. That's ultimately what we plan to achieve."
The Texas-based startup developed a data analytics platform and infrastructure called BiomeAI to customize care by using consumer, genetic, microbiome and biometric data, according to the company. The BiomeAI engine uses AI and deep machine learning to translate this data into the delivery of holistic healthcare personalized for every woman, executives said.
Through that platform, the company can look at claims data as well as medication and genomic information to use as a baseline for a woman's health profile, according to the company. FemTech Health combines that with dynamic daily information, biometric data through wearables, psychosocial and diagnostic test results and then matches to the best products and healthcare services for that individual woman.
The aim, Clapper said, is to revolutionize women’s healthcare by using state-of-the-art genomics, predictive analytics and digital technologies to create an experience that is unified, coordinated and personalized.
Executives said areas of focus for the company include specialty care, wellness and prevention, reproductive care, sexual wellness, mental health and chronic care.
Angelides founded six other healthcare companies most notably EosHealth, renamed Livongo, which was acquired by Teladoc in 2020 for $18.5 billion. He also was a founder of DiabetesAmerica, mAbGen, acquired by Valeant Pharmaceuticals, EarlyBird Pharmaceuticals, Merlin LifeSciences and Vivante Health, according to his LinkedIn profile.
The company has already notched a few notable acquisitions by picking up subscription beauty box Birchbox and Mira Beauty. FemTec Health also acquired social marketing platform Liquid Grids that has over 1.5 million members.
Later this year, FemTec Health will re-launch Birchbox, shifting the focus to curated personalized skin and healthcare products utilizing its AI platform, executives said.
FemTec Health’s product and service offerings have multiple channels built on a direct-to-consumer, subscription model, and business-to-business that include large employers, health insurers and channel partners, according to the company.
The startup wants to work with large employers to design programs aimed at improving both financial and clinical outcomes by including its products and services into their employee health benefits.
“Women’s health has been under-researched and underrepresented for too long. As a woman and a scientist, I have often been the sounding board for friends and family on their wellness journey," Capone said in a statement.
"What I hear consistently is that women do not know where to go, or what products to choose that may help. This is where FemTec Health’s unified and coordinated platform comes in—we provide personalized services and science-based products that are meaningful and effective for women at all stages of their lives. I believe the future is female and FemTec Health will help get us there,” she said.
Women's health is a hot market right now. Data from Rock Heath indicates that digital health startups focused on women's health care pulled in $1.3 billion in funding across 26 deals from January through August 2021—nearly doubling all of 2020's funding with four months still left to go.
But the healthcare system for women is currently fragmented, Clapper said, with many companies narrowly focused on specific health issues like fertility or menopause.
"We start with a holistic experience that goes across services and products," she said.
FemTec Health's investors, capital and shareholders include Longmont Capital, Ithaca LifeSciences, Unilever Ventures, Shiseido, e.Ventures, Viking Global, and Trinity Capital. The company said strategic partnerships with leading health and wellness companies will be announced soon.