INDIANAPOLIS – Verility Inc., led by co-founder and CEO Liane Hart, has closed Series A financing worth $3.5 million. The round was led by Mountain Group Partners of Nashville, Tennessee, and includes a previous investment from Purdue Foundry.
Verility has created a global platform called Fertile-EyezTM that provides fertility analysis products that help farmers and breeders accelerate their reproductive performance. It provides accurate, simple and cost-effective analyzes to predict ovulation phase and sperm quality at the point of care. The company has licensed the intellectual property from Brigham and Women’s Hospital, a nonprofit education affiliate of Harvard Medical School, where it was originally created and validated in humans.
Hart said improving semen analysis and improving ovulation detection for animal breeding are two of the most important ways to meet the critical need for more edible meat proteins. She said conception rate is highly correlated with producer profitability and food sustainability.
“The Series A funding allows us to develop our product for pig farmers and breeders in an important production segment,” she said. “The investment will enable us to prepare for commercialization, which we expect at the end of 2023. It is extremely exciting to have the opportunity to bring automated mobile breeding technologies into a segment of the animal health industry where not much innovation is normally seen. .”
Brian Kopp, Chief Financial Officer of Verility, said: “We are delighted that more investment is being made in animal health innovation to make animal production more efficient. We have a real opportunity to significantly improve animal fertility , an area where more innovation is needed.”
Rob Readnour, managing director at Mountain Group Partners, said Verility complements the group’s investment portfolio. The investment in Verility’s Series A financing round is in line with the group’s overall objectives.
“Mountain Group Partners are delighted to leverage our animal health expertise to help Verility develop the Fertile-Eyez technology to enable pig farmers to be more productive through improved reproductive performance,” he said. “Growers face challenges from rising input costs and labor shortages, which are only exacerbated by the pandemic. They need innovation like Fertile-Eyez to fulfill the important mission to produce animal protein in a sustainable way.”
Hadi Shafiee, a faculty member in the Division of Engineering in Medicine and Renal Division of Medicine at Brigham and Women’s Hospital and Harvard Medical School, said artificial intelligence tools will play an important role on the path to transforming traditional farming to precision farming.
“The proprietary AI-powered smartphone-based platform technology that my lab created has broad applications in precision animal health and breeding,” he said. “This Series A funding will help us commercialize our first AI product for accurate, affordable, and real-time ovulation prediction in pigs.”
Verility received $100,000 in January 2022 as one of two winners of the Purdue Ag-Celerator, an agricultural innovation fund. Riley Gibb, director of business development at Purdue Foundry, said the company is a strong example of startups bringing Purdue-backed innovations to market.
“Liane Hart is one of many high-quality entrepreneurs bringing Purdue-backed startups to market,” he said. “Verility and other companies are already making an impact in plant sciences and animal sciences.”
Futurology Life previously selected Verility as one of the top agricultural technology companies in Indiana in 2022. Hart recently participated in Purdue Foundry’s Women in Entrepreneurship Panel and AgriNovus Indiana’s Quadrant event for entrepreneurs in agricultural life sciences.
Verility Inc. is a central Indiana startup focused on disrupting and optimizing animal health breeding and fertility by leveraging image recognition and proprietary algorithms in the global animal health breeding markets. Considered a groundbreaking product category, this new fertility platform is creating a much-needed niche, giving industry players access to mobile product features never seen before at such an affordable rate. Verility is based in Maxwell, Indiana. More information about the company is available at online.
About Mountain Group
Mountain Group Partners (“MGP”) is an investor focused on investing in and actively guiding transformational companies in the life sciences, animal health and technology sectors. Founded in 2002, MGP has invested in more than 50 companies in these sectors. MGP invests in seed and early-stage companies. Within the life sciences, the company focuses on MedTech, diagnostics and opportunistic drug development. MGP values innovations that have existing intellectual property or have a new scientific basis for building intellectual property. Investments in animal health focus on disruptive technologies that have a meaningful impact on global animal health and livestock farming. Technology investments are focused on business and healthcare technology, targeting those ideas with quantifiable development risk and fast-track to market. For more information, visit www.mtngp.com.
About Purdue Foundry
The Purdue Foundry is an entrepreneurship and commercialization hub whose professionals help Purdue innovators create startups. The Purdue Foundry is operated by the Purdue Research Foundation, which received the 2019 Innovation and Economic Prosperity Universities Award for Place from the Association of Public and Land-grant Universities. Contact the Purdue Foundry at email@example.com.
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