May Health, a Menlo Park, CA-based developer of minimally invasive treatments for PCOS-related infertility, has raised €10M ($11.7M) in a funding round participated in by new investor Nexpring Health alongside existing backers Sofinnova Partners, Trill Impact, and Bpifrance. The Anavi™ System is a one-time, ultrasound-guided radiofrequency ablation procedure that targets ovarian tissue to restore natural ovulation without hormones. The capital will complete the U.S. REBALANCE pivotal IDE trial and support European commercialization following CE Mark certification.
Femtech Backs Non-Hormonal PCOS Fixes
This funding arrives amid rising femtech investments, with $2.6B poured into women's health in 2024. Allara Health, a telehealth platform for hormonal issues including PCOS, raised $26M in its Series B in 2025, bringing total funding to $47M. May Health's device-based approach differentiates from digital and pharma alternatives by offering a durable, outpatient intervention for patients unresponsive to first-line medications like letrozole.
Infertility Hits 10-13% of Women
PCOS affects 10-13% of reproductive-age women worldwide and is a leading cause of anovulatory infertility. First-line treatments such as clomiphene or letrozole fail in many cases, leaving patients facing invasive IVF or no options. Current solutions often rely on hormones with side effects or lack durability, creating demand for targeted, hormone-free therapies.
Anavi Ablation Beats Laparoscopic Drilling
The Anavi™ System uses transvaginal ultrasound to guide radiofrequency energy, ablating a small portion of ovarian tissue to reduce androgen production and restore ovulation. This modernizes Laparoscopic Ovarian Drilling (LOD), a 1990s procedure requiring general anesthesia, by enabling an office-based treatment. Preliminary ULTRA trial data showed 77% (20/26) ovulation rate and 46% (12/26) pregnancy rate at 12 months, with 6 live births.
As CEO Colby Holtshouse noted:
"For too long, women with PCOS-related infertility have needed more options to support their family-building journey."
Investors Validate EU-US Path
Nexpring Health, a leader in assisted reproductive technologies, joined the round to advance fertility care beyond products. Existing investors Sofinnova Partners and others had previously backed a $25M Series B in May 2024. This mix signals strategic conviction in May Health's pivot from feasibility studies to commercialization, with CE Mark secured in late 2025.
Antoine Papiernik of Sofinnova Partners added:
"May Health is addressing a critical gap in modern infertility care."
PCOS Market Grows to $9.21B
The PCOS treatment market stands at $4.84B in 2024, projected to reach $9.21B by 2034 at a 6.64% CAGR. Pharma giants like Pfizer and Teva dominate symptom management with drugs like metformin, but lack fertility-focused innovations. May Health positions as a medtech disruptor, with competitors like Solence (€1.6M seed for digital therapeutics) and Igyxos ($8.5M Series A for antibodies) pursuing software and biotech paths.
Serial Founders Drive Medtech Wins
Co-founders Neil Barman and Garrett Schwab bring proven track records: Barman was CSO at ReCor Medical, acquired by Otsuka for around $100M in 2020; Schwab leads XII Medical, which raised $45M Series B in 2024. New CEO Colby Holtshouse, appointed in March 2025, adds women's health expertise. This team originated the technology at Ziva Medical, incubated via MD Start accelerator.
Pivotal Trial Fuels Europe Launch
Funds target completion of the multicenter REBALANCE trial (NCT06206746) enrolling at over 15 U.S. sites including UCSF and Prisma Health. European launch planning follows the Anavi System's CE Mark under EU MDR. With 28 employees, May Health eyes scaling clinical validation into market access.