A Newton-based startup dedicated to women's health and well-being announced additional Series A funding.
Axena, a medical device company focused on female pelvic health, announced today that it closed on an additional $9.4 million in its Series A fundraising. This is in addition to the $25 million it raised in February 2023.
“This fundraising is really about expanding out commercially,” said Axena CEO Jim O’Conner.
Axena has developed a noninvasive tool called Leva that can be used in the privacy of home to treat urinary and fecal incontinence.
Leva pairs with the user's phone and informs the user of proper Kegel techniques to ensure the maintenance and strengthening of pelvic floor muscles.
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Female incontinence is a problem that impacts over 60% of women in America.
Clinical trials of Leva have demonstrated that eight weeks of use enables two years of symptom improvement. The cost for 12 weeks of Leva is $1,200 and is only available via prescription.
The additional funding allows Axena to expand its sales reach to three new territories. Currently, Axena sells in five territories, adding a sixth territory in April.
With the new funding, O’Conner and Axena are looking to expand to an additional five territories in the eastern and southern United States.
Axena's primary market is the U.S., but it is slowly looking to expand to middle and lower income countries and is currently conducting clinical trials in Sub-Saharan Africa. The trials are meant to test ways to leverage Leva's real-time biofeedback to lower the cost and make it more accessible.
“Too often, women's health has been underinvested in, so we’re thrilled to have investors put in $9-plus million to help this woman's health company,” O’Conner said. “I think it’s an important signal to the market that investors are increasingly recognizing the importance of investing in women’s health.”
