A women’s and children’s health technology fund has raised US$58m at its first close towards a target size of US$125m.

Managed by Cross-Border Impact Ventures (CBIV), the Children’s Health Technology Fund II will invest in companies developing technologies for conditions that affect women and children specifically, differently or disproportionately.

It will mainly target Series A and Series B companies developing medical devices, diagnostics, therapeutics and AI-enabled digital health technologies, while retaining the option to invest earlier in selected high-potential businesses.

Annie Thériault, managing partner at Cross-Border Impact Ventures, said: “Women’s and children’s health is one of the largest and most attractive opportunities in healthcare today.

“We’re seeing a convergence of scientific innovation, policy support and institutional capital that is accelerating the development of technologies with the potential to improve millions of lives.

“This is a true blue sky opportunity, one where competition remains limited, and the potential to generate outsized returns is significant.

“Fund I validated our investment strategy, and Fund II allows us to build on that momentum at a time when the market is ripe for investment.”

The first close attracted commitments from returning and new institutional investors, and the fund is expected to reach its final close in 2027.

Its predecessor raised US$90.3m and invested in 11 technology companies across maternal and fetal health, neonatal care, cardiovascular disease, oncology, respiratory health, reproductive health and gut health.

The first fund also achieved a strategic exit and helped its portfolio companies reach more than 356,000 women and children across 32 countries.

The second fund will continue to focus on early-growth-stage deep technology companies commercialising healthcare technologies that could generate financial returns alongside measurable health outcomes.

A climate element has also been added to the investment process, while the approach to measuring impact has been strengthened.

The healthcare sectors covered by the investment strategy are estimated to be worth US$625bn today and are projected to grow to US$1.1tn by 2035.

The forecast is linked to advances in AI, diagnostics, medical devices and precision medicine, alongside increased attention on longstanding gaps in healthcare for women and children.

CBIV said its second Women’s and Children’s Health Technology Fund builds on the strategy used for its first vehicle.

Since launching in 2021, CBIV has built an investment platform focused on women’s and children’s health technologies.

The firm has reviewed more than 2,000 investment opportunities since launching its first fund, selecting 11 companies with technologies intended to deliver commercial returns and measurable health impact.

Alongside providing capital, CBIV works with portfolio companies on commercialisation, regulatory and market expansion strategies, access to non-dilutive funding and governance through board participation.

It also works to expand healthcare access in underserved markets through its impact platform.

CBIV said this approach has helped portfolio companies secure FDA clearances, complete strategic exits, expand into more than 30 countries, attract further investment and grow across high-income and low- and middle-income markets.

Portfolio companies include Sonio, which develops AI-powered fetal ultrasound software and was acquired by Samsung Medison in 2024.

The integration of Sonio’s technology into Samsung ultrasound systems is under way, with the aim of expanding access globally.

Cardiosense received US FDA De Novo approval for its PCWP Analysis Software, which enables non-invasive assessment of a key indicator used in heart failure. The company says this includes forms of the disease affecting 1.5m women in North America.

mOm Incubators received US FDA clearance for its neonatal incubator and has deployed devices in hospitals and humanitarian settings across several regions. The company estimates the technology has reached 18,000 patients.

Daye has launched a patented diagnostic tampon for HPV and vaginal health screening. The technology has been piloted in the NHS and is expanding into North America and sub-Saharan Africa.

More than 13,000 patients have used the technology, with peer-reviewed clinical validation carried out across the UK, Tanzania and Nigeria.

Investors committing to the second fund include KfW on behalf of the German Federal Ministry for Economic Cooperation and Development, the Skoll Foundation with Capricorn Investment Group, Ceniarth, Equality Fund with RockCreek Group and Wire Group.

Several family offices and high-net-worth individuals have also invested, with some returning investors increasing their commitments.

CBIV said its investment and impact approach received BlueMark Platinum status in 2024, complies with SFDR Article 9 and has received multiple ImpactAssets Emerging Impact Manager designations.

Donna Parr, managing partner at Cross-Border Impact Ventures, said: “Fund I reinforced what we’ve believed from the beginning: some of the most compelling investment opportunities in healthcare exist in areas that have historically received too little attention.

“Advances in AI, diagnostics, medical devices and precision medicine are creating entirely new opportunities to improve care for women and children while building highly valuable companies. We’re seeing growing recognition from investors that financial returns and measurable health impact are mutually reinforcing.”