Renovia, a medical products development, which was co-founded by Marc Beer, is set to develop and launch new products to diagnose and treat pelvic floor disorders. The development comes after its Chief Executive Officer successfully raised a total of $ 42 million in a series B funding round.
The new financing comes barely a year after the Food and Drug Administration approved Renovias first signature product, Leva. Since its approval, Renovia has experienced impressive results with its performance. The product is made up of a probe, which is inserted into the vagina during the performance of Kegel exercises. Kegel exercises help to train the pelvic floor muscles for women suffering from urinary incontinence. After insertion, the probe is then connected to a smartphone Leva app via Bluetooth. As the patient, performs the exercises, the probe relays real-time images of the muscular movements.
Since the commercialization of Leva, Renovia has helped thousands of women to regain control of their pelvic floor muscles without the rigors of surgery. The device helps the women perform Kegel exercises with increased precision. Currently, Renovia is undertaking several pieces of research to develop more products to assist over 250 million women across the globe, who suffer from pelvic floor muscles. Learn more: https://www.slideshare.net/MarcBeer
According to Marc Beer, the series B round of funding included $10 million in venture debt and an additional $32.3 million in series B equity. Longwood Fund, Renovia’s earlier investment partner, took part in the new funding round. Also, Ascension Ventures of Missouri and Perceptive Advisors led the series B funding round. Other investors included Cormorant Asset Management, OSF Ventures, Western Technology Investment, and Inova Strategic Investments.
Earlier, Marc Beer had secured a round A series funding, which was used to develop and commercialize Leva. Part of the funding was used to acquire the new technology for Leva. Among the investors who took in the Series A funding included the Longwood Fund, which also participated in the series B round.
Speaking during the announcement of the funding, Marc Beer thanked the participants for their overwhelming support. He pointed out that the participation of earlier investors was a testimony of the trust and confidence in Renovia.
“We are very grateful for your support. It is a testimony of the confidence that you in us as a company. We now share a common vision of revolutionizing the diagnosis and treatment of pelvic floor disorders for millions of women around the world,” said Marc.
According to Marc Beer, the funds will be used to develop a new generation of Leva. The funds will also be instrumental in the development and commercialization of other products in the company’s products pipeline. Additionally, part of the funds will go towards future clinical trials, research, and corporate development.