Our decision to invest in Elidah was driven by a meticulous evaluation of its potential to revolutionize the treatment of urinary incontinence—a condition affecting millions globally, through cutting-edge, non-invasive technology. Here's a deeper dive into why Elidah stood out to us and aligns with our investment philosophy at Blu Ventures.
About Elidah:
Elidah's mission to improve women's health through non-invasive treatments for urinary incontinence represents a significant step forward in a field that has seen limited innovation. With over 30 million women in the US alone affected by this condition, the need for effective, discreet, and user-friendly solutions has never been more pressing. Elidah's flagship product, ELITONE, offers exactly that, making it a game-changer in women's health. Our investment was propelled by Elidah's strategic approach to addressing this widespread yet underserved medical need.
Inside Look at Blu’s 5 Ts for Elidah:
Team: Elidah is led by an impressive duo, CEO Gloria Kolb and CTO Eric Kolb, whose combined expertise in medical device innovation sets a solid foundation for success. Gloria is an engineer and entrepreneur with a storied career in medical device innovation. Her accolades, including Boston's "40 under 40" and MIT Review’s "World’s Top Innovators under 35," speak volumes about her leadership and vision. CTO Eric Kolb complements this leadership with his extensive patent portfolio and experience in product development. Their synergy and commitment are pivotal to Elidah's innovative edge. The team's dedication extends beyond business success; they are committed to making a tangible difference in women's health. This passion is a critical driver of Elidah's mission, influencing every decision from product development to marketing.
Total Addressable Market (TAM): Urinary incontinence affects approximately 30 million women in the United States alone. Globally, the number is even more staggering, with estimates suggesting that hundreds of millions of women experience this condition at some point in their lives. This widespread need presents a substantial opportunity for growth and impact. Beyond the initial focus on urinary incontinence, Elidah's technology has the potential to address other areas within women's health, further expanding its market reach and impact.
Technology: ELITONE’s non-invasive technology addresses urinary incontinence by strengthening pelvic floor muscles through electrical stimulation. This approach offers a significant improvement over traditional treatments, which often involve surgery or pharmacological interventions. The technology's effectiveness and safety are underscored by FDA clearance for both stress and urge incontinence treatments. This regulatory milestone not only validates the technology but also enhances its marketability and consumer trust.
Traction: Elidah has shown impressive growth in sales and market penetration, indicative of strong market demand and effective execution. Their ability to nearly triple quarterly sales reflects both the product's appeal and the team's marketing acumen. Collaborations with major distributors and healthcare providers extend ELITONE’s reach, further driving its market traction. These partnerships are key to scaling operations and expanding access to this revolutionary treatment.
Terms: The investment terms were structured to align with both Blu Ventures’ and Elidah's long-term goals, ensuring mutual commitment to the company's growth trajectory. This strategic alignment is crucial for fostering a productive partnership.
“The team behind Elidah is exceptional with a tremendous amount of experience. Their ability to get one FDA approval was critical and adding a second is amazing and really shows the growth capital story” - Bikram Bakshi, Elidah Deal Lead
Our investment in Elidah is a testament to our belief in their transformative technology, exceptional team, strong market traction, favorable investment terms, and significant market opportunity. As Elidah continues to innovate and expand its reach, we are confident in its potential to redefine women's health care and deliver substantial returns on our investment. We look forward to supporting Elidah in its mission to improve the quality of life for millions of women worldwide, reinforcing our commitment to investing in solutions that make a difference.