Renovia Inc was founded two years ago but has already made significant progress in terms of growth. Recently it closed a $42 million Series B funding round that will see it do more to advance the medical technology devices. From the funds that are Renovia has received in this funding round, it is going to use in the improvement and expansion of its medical technology devices that are used to treat and diagnose pelvic floor disorders such as stress urinary incontinence. Led by CEO Marc Beer, this organization is happy with this development since it will mean that within two years, it will have accomplished what many others have never come close to. Renovia is a Boston-based biotech startup that is interested in improving the health of women around the world by creating new products and improving existing ones. In 24 months, Renovia has made significant progress in giving solutions for pelvic floor disorders in women. The success that has been recorded can be attributed to the experience and skills of Marc Beer who has for over two decades been an active innovator in various fields of biotechnology.
Renovia opened doors in 2016 and soon after closed the Series A funding which enabled it to lay the groundwork for product development and future growth. Marc Beer was interested in new technology that would help women in need of strengthening the pelvic floor muscles. In fact, most of the funds received in the Series A funding went into acquiring the technology that would be used in developing a solution for pelvic floor disorders.
Series B funding was acquired in 2018 and came from two sources. $32.3 million was acquired through Series B equity while $10 million came from a venture debt. According to the executives of Renovia, these funds will go to testing and development of therapeutic and diagnostic products. Among these products is Leva pelvic digital health system. Other funds will be used in corporate development, commercial activities, improvement of existing product and future clinical trials of new products.
Renovia has partnered with various healthcare investment firms in its Series B funding round. Among them is Longwood Fund, which contributed significantly to the actualization of the Series B funding round. This funding round was supported by the Perceptive Advisors of New York and Ascension Ventures of Missouri. The funding round also attracted other investors who have invested in Renovia in the past and other new ones.
The confidence that other investors have shown in this company is an indication that they are doing the right thing and have the potential of recording better results in coming years. The solution they are offering is one-of-a-kind, and therefore it is not a wonder they become a highly successful med-tech company. Learn more: https://www.bizjournals.com/boston/potmsearch/detail/submission/6457372/Marc_Beer