Materna Medical Raises $5M Series B for Women’s Pelvic Health

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Materna Medical, a women’s health company based in Mountain View, California, has raised $5 million in a Series B financing. The round was led by InnovaHealth Partners, Wavemaker Three-Sixty Health, and Band of Angels, along with existing investors.

The company is preparing to bring Ellora to market, an investigational device designed to reduce pelvic floor muscle injury during vaginal delivery in first time mothers. Materna says a first in class reimbursement code for the device is now active, clearing an important hurdle for market access.

Its first product, Milli, is a vaginal dilator that supports patients dealing with vaginismus and related pain. Milli launched as a wellness trainer in 2019 and received FDA clearance in 2023 to sell over the counter.

Materna will use the capital to complete the readout of its EASE pivotal trial, widen access to Milli, and build out commercial manufacturing. The company is targeting a women’s health market it values at about $25 billion, an area that has historically drawn less funding than other parts of medtech.