Renovia Inc. announced in August the closing of $42.3 million in financing, which consists of $10 million in venture debt and $32.2 million in Series B equity. The money will go on to fund clinic trials, future commercial launches, corporate development, and product development pipeline. Series B financing included participation from firms such as OSF Ventures, Inova Strategic Investment, and more, and was led by the company Perceptive Advisors and Ascension Ventures. Renovia’s advisor role was taken on by BayCross Capital Group. Learn more: https://www.slideshare.net/MarcBeer
The company’s Co-Founder, Chief Executive Officer and Chairman, Marc Beer expressed excitement to have the support of such significant entities in the healthcare industry. In addition, he noted that the participation of existing financial investors and new financial investors, as well as 3 integrated health networks, is aligned with the company’s vision in the commercial and clinical areas.
Renovia was founded by Marc Beer, Yolanda Lorie, and Ramon Iglesias, MD in the summer of 2016, and closed a Series A financing. The company specializes in the discovery and delivery of digital therapeutic devices and diagnostic devices for women affected by pelvic floor disorders. Urinary incontinence is a common disorder and affects approximately 250 million women across the globe. The technology offered by Renovia enables treatment through visualization in real-time of pelvic movement during muscle training, while monitoring progress and usage over time. The company seeks scalable as well as cost-effective care for the pelvic floor disorders which can be delivered using the power of digital health.
Marc Beer, the company’s co-founder has over 25 years of experience when it comes to developing and commercializing in the realm of biotechnology, devices, diagnostics, and pharmaceuticals. He holds a BS degree, earned from the Miami University. In the past, he served as the Founding Chief Executive Officer of ViaCell, helping the company grow to over 300 employees, going public and getting acquired in 2007. He served under various roles for Genzyme, such as Vice President of Global Marketing, and had different sales and marketing roles while working for Abbott Laboratories.
He stated that the company can provide customers with valuable data by combining the proprietary sensor technologies with a digital health platform. The data resulted can inform customers about treatment options, and drive better understanding when it comes to pelvic floor disorders. The Series B funding, according to Beer, recognizes the value of the company’s diagnostic product and digital therapeutic pipeline.