Boston, Massachusetts-based Renovia Inc., is a healthcare company that designed and sells the first therapeutic and diagnostic device that is designed to help women who have pelvic floor disorder. They announced towards the end of August that they had successfully completed their Series B round of financing. they raised $42.3 million. Additionally, they took on another $10 million in venture debt. The money they raised will be used to further improve their existing product, perform clinical trials, corporate development, product development, and support their future commercial launches.
The two leaders of the Series B funding round were Ascension Ventures and Perceptive Advisors. Also taking part where Cormorant Asset Management, Western Technology Investment, Inova Strategic Investment, Longwood Fund, OSF Ventures, and Inova Strategic Investments. The advisor for Renovia was Baycross Capital Group.
Marc Beer, Renovia’s co-founder, chairman of the board, and chief executive officer, said that he and his team were gratified that they had the support of these healthcare investment firms. They were like-minded with his own approach to helping the millions of women around the world who have pelvic floor disorder. He said that it was a mix of current and new investors and a confirmation of his company’s clinical and commercial vision.
He went on to say that his company’s proprietary technology and digital health platform provides women with important data that can be used to determine treatment options. Marc Beer said that his company is working to expand knowledge about pelvic floor disorders and their work will ultimately lead to their customers having lower healthcare costs. Renovia’s product has other products under development to treat pelvic floor disorders including one that is a therapy for urinary incontinence.
Around 250 million women around the world suffer from urinary incontinence. Renovia was established in 2016 in order to treat this and other causes of pelvic floor disorder. Their first product received FDA approval and has had a highly positive impact on the women who have used it. It is a cost-effective treatment that women can use to strengthen their pelvic floor muscles.
Marc Beer has been in the healthcare industry for over 25 years. He is highly skilled at product development and commercialization. His business partners who co-founded Renovia with him are Dr. Ramon Iglesias and Yolanda Lorie. He had also founded ViaCell in 2000 and was that firm’s chief executive officer. This was a firm in the biotechnology sector that processed and stored umbilical cord blood stem cells, turning them into a form of medicine. He sold this company in 2007 to PerkinElmer. Other companies that Marc Beer has worked for include Abbot Laboratories, Good Start Genetics, Inc., Genzyme, and Minerva Neurosciences Inc. Learn more: https://www.linkedin.com/in/marcbeer