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Myma Medical secures further investment of £145,000 from LYVA Labs
Groundbreaking fertility SME, Myma Medical, has secured further funding of £145,000, from innovation management consultants LYVA Labs, taking their total investment and grant leverage support from LYVA Labs to £779,00.
LYVA Labs invested £105,000 in Myma Medical in 2022, enabling the company to secure an Innovate UK SMART grant of £389,000 whilst creating a spin-out company from the University of Birmingham. The company leveraged a further £140,000 Innovate UK Future Economy Investor Partnerships grant, with support from LYVA Labs. [i]
Myma Medical’s CEO, Yash Khandhia, explains how the investment will be used to progress the technology: “Investment from LYVA Labs will allow the company to complete the development of autoICSI and associated AI based high-definition vision camera system in record time, to get the system ready for full clinical trial and to present it for regulatory approval before commercialisation.”
Myma Medical’s autoICSI system is part of the next generation of fertility treatment. Its patented automated egg manipulation and sperm injection technology, minimises inconsistencies that are inherent in the manual process, significantly improving IVF success rates.
The technology used by Myma Medical is groundbreaking. The AI based high-definition vision camera system employs algorithms and artificial intelligence in the detection and positioning of eggs, prior to injection. Meanwhile, an AI-based algorithm assesses sperm morphology (shape and size) and motility (movement), against a clinical benchmark, to make sure the most viable sperm is chosen.
Using automated ICSI could reduce the number of IVF cycles a person needs for a successful outcome, because each round is more likely to be successful. 1 in 6 people, worldwide, experience issues with infertility[ii], whilst the cost of a round of IVF can be around £12,000 [iii](dependant on treatment/s). Any technology that improves IVF outcomes could significantly reduce this cost for people needing IVF.
Lorna Green, CEO of LYVA Labs, said: “We’re delighted to provide further investment and business support to Myma Medical. They are developing a technology that can bring about a step change in the success of fertility treatments and deliver real results for families across the UK.”
She added: “Myma Medical is the perfect example of combined authority investment funding working in tangent with national innovation funding, to support a start-up to commercialise their innovation and stimulate the regional economy.”
[i] LYVA Labs is a partner on the Future Economy Investor Partnerships, which combines:
- Innovate UK’s expertise in identifying innovation and using grant funding to change the risk profile of businesses.
- Investor Partners’ aligned funding and expertise in identifying opportunities and teams that can best use extra investment finance.
[iii] IVF cost details supplied by Myma Medical.