In August 2018, Marc Beer the CEO of Renovia Inc. oversaw the Series B round of funding for his startup. A total of $42 million was raised in this period. $10 million was collected from the venture debt while the remaining $32 million came from investors. All the proceeds will go towards enhancing the fight against pelvic floor disorders. A number of new products were lined up and this was the perfect opportunity to invest in them.
Urinary incontinence is one of the pelvic floor disorders that are giving women a hard time. According to reports from researchers, close to 250 million women all over the world have to deal with such disorders. Renovia has stepped up its diagnostic and therapeutic efforts against the disorders with the development of new products. Their first big break came in April when the FDA gave Leva, their first product, the green light.
Perceptive Advisors and Ascension Ventures spearheaded the Series B round for the Boston based company. The Longwood Fund also invested in the medtech firm. They had done the same during the first round of funding and have made a name for putting their money in different healthcare causes. Renovia Inc. had four new products in mind which the funds would finance. The second generation of the Leva device was part of the therapeutic and diagnostic products in the pipeline.
The three investment firms are among the best in the healthcare industry and Marc Beer was proud to join hands with them. He mentioned that they share a common vision to enhance the lives of patients living with pelvic floor disorders. Better diagnosis and treatment tools would go a long way in achieving this goal according to Renovia’s CEO.
The firm also intended to make good use of their ingenious sensor technologies in their efforts. Valuable data will be collected when the technology is combined with digital health platforms. Physicians and healthcare givers will in turn make more informed decisions as they handle patients with these disorders. The healthcare costs are bound to go down while the overall life of the patients will be enhanced. Learn more: https://ideamensch.com/marc-beer/
Marc Beer is well-seasoned in the biotechnology and pharmaceutical industries. Renovia saw the light of day two years ago when he teamed up with Yolanda Lorie, Ramon Iglesias and MD. Their Series A funding came from a consortium of venture capital funds that have an inclination towards the healthcare system.
He had previously established ViaCell back in 2000. The biotechnology firm was heavily involved with blood stem cells and seven years after it was founded, PerkinElmer acquired it. Marc Beer’s illustrious career also involved a stint at Genzyme as well as a board membership position at Erytech Pharma. Abbott Laboratories were his first employers and he spent much of his time there juggling a number of sales and marketing roles.