Sandstone Diagnostics Raises $5.8 Million in Series A1 Financing Led by Astia Angels and Hunt Holdings
Funding will Support Successful Trak™ Male Fertility Testing System
Sandstone Diagnostics, a medical device company focused on a data-driven approach to men’s reproductive health, today announced its first closing of $5.8 million of its Series A1 round including conversion of notes. The investment round was led by Astia Angels and Hunt Holdings, along with a consortium of investors including DPW Holdings (NYSE:DPW). Divine Capital Markets, LLC, acted as financial advisor to the company for this transaction.
The new funding will support sales growth and continued product development leveraging the company’s unique technology platform. Sandstone’s Trak™ Male Fertility Testing System is an FDA-cleared, consumer device that lowers fertility testing barriers and empowers men to take control of their reproductive health. Men use the Trak device at home along with the Trak mobile app to test, learn and try to improve their sperm count so couples can improve odds of conception. The Trak app gathers key lifestyle data and uses proprietary algorithms built with leading urologists to give targeted feedback on how health and habits may impact men’s fertility.
Sandstone received the first-ever FDA approval (510k) for an at-home centrifuge device for assessing sperm count following World Health Organization (WHO) guidelines. Trak is also the only FDA approved at home test that measures sperm count as Low, Moderate, or Optimal for conception. Following a commercial launch at the 2017 Consumer Electronics Show (CES), Trak was rated the #1 New At-Home Health Test by Men's Health Magazine and the #1 Bestselling new fertility device on Amazon in 2017.
Sandstone has emerged as a unique and transformative leader in the men's reproductive health space, with a female co-founder, female CEO and significant investment by investors who specifically support female entrepreneurs.
“Women have traditionally done the heavy lifting when it comes to fertility," commented Sandstone CEO Karen Drexler. "What has especially drawn me and our investors to this opportunity is that men have long been overlooked and should be just as engaged as their female partners from day one when couples are trying to get pregnant. We are very proud to be leading this revolution in the men's reproductive health space with a team that includes women as co-founder, CEO, and investors, plus a women-led investment bank."
“Since men account for roughly half of diagnosed infertility cases, Sandstone’s market and mission will require dedication to education and empowerment – both core values of the Astia brand,” said Sharon Vosmek, CEO of Astia. "Astia is delighted to partner with Karen and the Sandstone team to deliver cutting-edge consumer healthcare solutions to this underserved market.”
According to a report from Mobihealthnews, over $5 billion was invested in 224 digital health startups in 2017, roughly twice the amount invested in 2016. While there are many factors at play, prominent is the growing cohort of tech-savvy consumers seeking personalized medicine; those who want to play a more active role in their healthcare.
About Sandstone Diagnostics
Founded in 2012 in part by government scientists from Sandia National Laboratories, Sandstone’s mission is to provide innovative, data-driven tools to help men assess, manage, and improve their reproductive health. We are a team of scientists, engineers, software developers, and business professionals. But more importantly we are fathers, mothers, brothers, sisters, and friends who care deeply about improving men’s reproductive health and helping people start their family. For more information, visit http://trakfertility.com/
About Astia Angels
Astia Angels is a global angel network investing in companies with inclusive executive teams. Launched in 2013 to invest in the outperforming, yet under-funded segment that women represent in venture capital, the group has already achieved three exits; Ciel Medical acquired by Vyaire Medical, Cloudamize merged with Blackstone-owned Cloudreach and Boku which went public on the AIM in November 2017. Members have made 70 investments into 47 companies across the sectors of technology, healthcare/life sciences, cleantech and consumer products, from seed to growth stage. For more information, visit http://astia.org/astia-angels/
Frank Tortorici (908) 875-8908
Sharon Vosmek, Astia, +1-415-806-8252, email@example.com