 Hello, good morning, everybody, and thank you so much for joining us today. We are going to get into three very important topics this morning, health, data, and trust, and why getting the balance right between all three of those is so incredibly important to personalised healthcare. So just to start with an intro, my name is Adele Cohn, I'm a principal at Molten Ventures. We are a pan-European venture capital investor, a series A and beyond. We've got some amazing European success stories, including, of course, Clue, Ledger, Erichal, Cochub, many, many more, and Audrey, would you like to introduce yourself and tell us a little bit more about Clue? Yeah, well first thank you, Adele, for having me and for being an amazing investor and always believing and supporting in our mission. So let's see, this was about five years ago, before I joined Clue, I was in San Francisco building consumer tech products, and I had pretty much an existential crisis. I was sitting there going, okay, is making this feed infinitely more scrollable, my meaning in life? No, it wasn't. At the same time, I was going through my own reproductive health fertility journey, and I recognised that reproductive health was still so broken. There was so much I didn't know about my body, how it worked, what was going on, what I could do about it, and at the same time, I met Ida Tin, our co-founder, former CEO, and the amazing team of caring, creative, free thinkers in Berlin at Clue, and I was like, wow, they're out to change this. They're out to end the taboos, end the myths, end the barriers that are plaguing women's health today. I decided to pick up, leave San Francisco, move to Berlin to lead their product team, and eventually I became co-CEO, and now I'm solo CEO, but this was all as part of our growth and evolution as a company from consumer app to medical device, all in service of better supporting the needs, the health and well-being needs of our user community. So what is this Clue that I joined five years ago? Clue is a menstrual and reproductive health platform supporting women from menarchy, that's puberty, your first period, all the way to menopause, which is when your periods end. As one of the first data-driven and science-driven period trackers, we have 10 million people all over the world, trusting Clue every month to help them understand their body and take agency over their health. And that's in a world where the gender health gap is honestly leaving half the world's population underserved. Absolutely, and there's some scary statistics out there around that, but when you say that you felt that reproductive health and perhaps even healthcare in general is broken, I think that will resonate with a lot of people here. Can you maybe tell us a little bit more about the origin story of Clue and kind of how it was born from a very meaningful frustration, and I guess what we're doing to change things today? Yeah, so Ida's original idea was actually a hormone saliva test-based birth control. She was looking at this and rather appalled by the fact that it's been decades since the invention of the pill, which was great, but literally so little innovation had been done in the space since then. And rewind, this is about over a decade ago now. The technology wasn't quite there yet for saliva testing, but the insights that women and people with cycles, they wanted to know what was going on inside their bodies. They wanted to be able to do something about that. That insight was already there. So Clue pivoted to become a period tracker. Ida actually coined the term femtech, which gave birth to a whole new category, and period trackers in themselves, they've become so popular that about 30% of women in a market like the U.S. use one. That's pretty powerful. So Clue allows you to visualize and observe your cycle experience, which then allows you to make sense of it, to do something about it if you need to. Our CPO ran and often says this really well. She says tracking leads to data. Data leads to insight. Insight leads to agency. And let's be honest, agency is key to health and well-being. Without a doubt. And maybe let's just go a bit deeper on the data piece and what that enables you as Clue to do, kind of in the broader healthcare, health tech ecosystem, I mean there's one fact that blows my mind every single time I hear it, which is that still today, 2023, only about 1% of research dollars in biopharma go towards women's health, anything to do with women's health. Yeah. 2023. So just maybe tell us a little bit about, you know, what is your sense of has it gotten better? Is it getting better? And so is the data and the work we're doing at Clue, how does that all feed into the bigger picture? Yeah, I think you're talking about this gender health gap. And the gender health gap is a couple of things. It's honestly just not enough support, especially for topics related to women's health. It's also under diagnosis, misdiagnosis, delayed diagnosis. And therefore it's under treatment of actual conditions that matter. The thing about the reproductive health experience is that because of, and it's centuries of taboos and stigma, leave the healthcare system viewing women's health somehow as like a lifestyle benefits. Crazy. When really it's a daily necessity. Like basic experiences like cramps, migraines, mood changes, energy changes. Those are categorically often just like marginalized by saying, oh, it's not that bad. You're just on your period. I mean, the word just just infuriates me. Trust is so important in this space because honestly when we think about this, people can't trust the system to take them seriously. And that's something that we hear all the time from our users, that I just want to be taken seriously. I just want my doctor to take my experience seriously. And this isn't just anecdotal. Take the fact that women actually have to wait longer for a diagnosis for the same condition than men. 72% of cases, women will wait longer for that diagnosis. That's terrible. Lair on the fact that take pain, right? So pain, it is. It's a part of our cycle. For me, it happens about once a month on average. Pain is also treated and diagnosed later in women than it is for men. Women have to wait longer to be given pain medication than men do. Because of this belief that, oh, it's not that bad, it's just your period. Oh, and this last stat that I'll share, this one really kills me. People aged women when sharing their symptoms are often told that, oh, it's mental health related. Imagine telling a man who has, let's say, abdominal pain, maybe you're just being a little crazy. Like how infuriating is that? That is the gender health gap. That is actually just evidence, not only of the fact that we're under diagnosing and underunderstanding the women's health experience, but that honestly, we're not recognizing the problem for what it is. That gender health gap exists because we not only, we don't have the data to do something about it, but we're also not investing in the research to develop the solutions, the diagnostics to actually make a difference here. Totally. I mean, that's incredibly depressing and we're not here to depress people. But it is, it's infuriating, it's depressing, and it just is mind-boggling in many, many ways. So what Clu is doing certainly has given me a lot of hope about what is possible with technology and with data to make things better to advance the cause for really data-driven personalized health care. Trust is central to that. Talk to us a little bit about how you have gone about or think about gaining that trust with your millions and millions of users and why that is important and kind of creates a very effective cycle in a sense where everybody wins. Yeah. Well, so Clu is data-driven and science-driven. So there are two parts of trust that I want to talk about today. The first part is that people actually have to trust that the solutions, the support, the care that we give, that that's high quality, that that's safe, right? They have to trust that the system sees their problems, gets it, and that there is quality evidenced data-driven, science-driven solutions that support it. The second piece is about data. We've talked about how data is a key part of changing that gender health gap, the gender research gap. People also have to trust that what we do with that data is only there to help them, never to harm them. Because if we don't have that trust, what we end up doing is, well, not getting the care or support that we need. We won't go see that doctor because we'll just keep all that information to ourselves. The second thing is that we will self-censor. We'll self-censor when it comes to not just speaking to healthcare providers, but when it comes to, let's say, using a service or an app which needs that data in order to deliver the value and deliver the service that you're needed. And if we don't have either of those things, we're not going to have the data and the trust to actually push forward what we need to push forward in reproductive health. And there's kind of some really interesting work going on in the background at the moment. I clue getting deeper into the data and what that can mean in terms of the research. Do you want to talk about that now in terms of that diagnostic data set that's building up? Yeah. Absolutely. It's super exciting. So first of all, let's actually talk a little bit about what we do at Clue around data privacy specifically and how we build trust around that. Because I think that's important to talk about. That is the topic of the talk, right? And I love talking about this because I think part of building that user trust is actually being vocal and clear about our commitments, especially when it comes to data privacy. So Clue is based in Berlin, Germany. So as a user of Clue, your data is protected by default under German and EU data privacy laws. These are some of the strictest in the world, especially since in some places in the world they don't exist. But I'd say more importantly, your data in Clue is protected by our commitments as a company and as real people living and working in that company to make sure that your data is always used to just help you never to harm you. Your data should never be used against you. We take this very seriously. It's reflected both in the operations of our business as well as in our business model. So we will never, and we have never, sold sensitive data to third parties. Can't say that about everyone, right? It's not our business model. Our business model is pretty simple and it's simple by design. It's premium subscription, right? Our job as a company and as a product is to build something so useful, so valuable, so trustworthy that our customers are willing to pay for it. Our users are customers and no one else. And that's important to us at Clue. I think it's also important that any business, any service that we use where data is necessary to personalize that experience, to make that experience actually useful, that we make sure that we're clear and transparent about how we use data and how we make money. Amazing. And you're being very polite, but I think that there is a very, there's a very kind of broad spectrum in terms of how companies like Clue are in the female health space, even in the health space more generally, treat data ownership and data privacy. And you just have a completely different stance to most of the consumer apps out there. And I think that that's really, really powerful when we think about what is my, Adele's, most important data. It's going to be my health data. And I feel like, you know, you've been very staunch on that since day one. And with everything that's happening in the U.S. over the last couple of years, I think it's becoming more and more recognized. So anybody that's thinking about downloading an app or subscribing to something, read the terms, understand what people can do with your data and just make sure that ultimately it's yours and it's respected and kept private. So another piece here is that you have millions of users that actively want to share their data with you, that actively, you know, put forward their own personal data for research purposes because there's that, you know, very high level of trust. That is a huge responsibility. Do you want to talk about that a little bit more and kind of what that means inside of Clue? Yeah, absolutely. So honestly, like, I'm angry at the state of reproductive health. It turns out our users are also pretty angry about it. And they're pretty keen on actually doing something about it. So yes, you're right. We have, and I would say unprecedented data sets of cycle-related health data. We have about 15 billion health data points that reflect the patterns of our user community's cycles. And we are so excited about what we can do with that data set to actually shine lights on all the blind spots that exist in menstrual and reproductive health. I mean, as I mentioned, so much of this experience goes undiagnosed and untreated, and there are conditions like endometriosis, PCOS, PMDD. These are all actually very common conditions, like one in 10 women have endometriosis. And it currently takes seven years to diagnose it. Like, it's conditions like this. It's experiences like this that we would like to use our data set to actually go and improve on. And to actually illustrate, you know, how much our users also care about collectively generating this. We recently ran a survey across our user base asking them, you know, would you like to contribute your anonymized data to research? And overwhelming 85% said, yes, please. Well, I'm paraphrasing. But yes, please, because I would like to actually change the situation here. That is a huge vote of just confidence in the trust that our user community has in us and how we can use that data that we absolutely do not take for granted. And that we very seriously want to make sure that we continue to protect. And especially around that, I'd actually like to share a pretty exciting announcement. Because as I said, like, there is a massive problem with delayed diagnosis and therefore delayed treatment. We recently launched our health record feature. So our health record feature allows anybody in clue to go in and report their confirmed diagnoses. And so these are confirmed diagnoses for many of these conditions that I was just mentioning. Not only endometriosis and PCOS, the standard I think women's health ones, but things like anxiety, ADHD, depression, a wide variety of conditions that we have learned have an outsize effect on people with a female biology. And what we're trying to do is build a data set, a rich data set with both diagnostics and cycle history data so that we can take that and we can actually understand, well, you know, what are the patterns that somebody who's been diagnosed with this have and do those patterns match somebody else and there and what they've tracked with their cycle. That way we can actually arm people with more information and ultimately agency to do something about their health. Well, that's really, really powerful. And it's that collective data that enables this because I think often when users or women are thinking about these conditions and I just want to be heard and am I alone? Am I normal? And I think if you have a huge data set like this, it really kind of removes those barriers and we kind of speed things up and we can get to the answers which more quickly. So the data set is huge. Do you think it's the biggest in the world of its kind? I think it's pretty big and it's something that hasn't yet been available to traditional research. I mean, when we launched this feature and it wasn't actually super long ago, it was actually received super warmly and just as of today we've got about 140,000 confirmed diagnoses reported in the feature across 70,000 users. I mean, we've got 10 million monthly active users so we're excited to see how this data set grows but even with that, we've already been speaking to researchers at institutions like MIT, Berkeley, the 4M consortium about what we could use a data set of this size. They look at this and they're like, wow, we have not had access to a data set like this yet. They look at this and they're extremely excited about what they can do, what they can do, what they can research and what they can find out about these specific conditions. And I mean, I look at these. So we have a couple of some of the ideas for different studies already that we're going to be doing in 2024. One of them is around better diagnoses for endometriosis and PMDD. Yes. The next one is trying to understand the effect of your cycle on ADHD and depression. Another big yes. And the third one is actually better understanding symptom patterns when it comes to perimenopause. Can we actually better determine how people understand is this perimenopause that I'm experiencing or is something else haywire going on in my body? I mean, there are a lot of reasons. I didn't move to Berlin for the tech note. It's work like this that I moved to Berlin and joined Clue to do and I couldn't be more excited. That is sensational and I'm super excited to see it. And the fact that the research groups are all over this, it just goes to show this is really pioneering work. And to me, it all comes back to that user trust. If people want to actively share and contribute and move the case forward, that's amazing, but you don't get there by look. It's because people really believe in Clue and believe that they're safe with Clue and can trust it. I think we're running lowish on time. We've covered an awful lot here. I think, again, for me, it comes back to that mutual respect in a way, a mutual trust. I mean, there are millions of apps out there that are consumer subscription, and some of them are great and some of them are fun. Some of them have a lot of utility, but I think on the health side of things, you need to be, the bar is much higher for how you engage with your users and what it is that you're doing with them. And we've covered all of that, I think, in this kind of health, trust, data. And I'm hopeful, even though I'm depressed at many of those facts. What are you hopeful about for data-driven health in the future in the last couple of minutes that we have? I like that. I love that we're ending on this. I am also super hopeful, and we're at Slush, so I'm not going to expound right now on all the things that AI, which I'm sure we'll all hear about, can do to move health tech forward. What I'm excited about, and if Clue has anything to do with it, it's that we will have more solutions that are inclusive, that are accessible to actually up-level what we can do about health in an equal way. I think we'll have more sensors, we'll have people more engaged in their own health care, and ultimately, we'll have more data. And if people can trust what we do with that data, then I think we can actually decrease the time to diagnosis, improve treatment, improve care, ultimately project more support for this reproductive health journey, and honestly, get rid of millennia of invisible and unnecessary suffering in this space. Okay, mic drop. Thank you so much, Audrey. That's been fantastic. Cheers.