Mark Beer’s Renovia Inc. announced in late August of 2018 the close of over $42 million in financing, which includes $10 and $32.3 million in venture debt and Series B equity respectively. The company focuses on discovering and delivering digital therapeutic as well as devices for women who suffer from pelvic floor disorders. The financing will accelerate the clinical research, and the development and launch of a new digital therapeutic device targeted towards pelvic floor disorders. In addition, the proceeds will be used to support the company’s corporate development as well as future commercial launches.
Renovia was established by Marc Beer alongside Yolanda Lorie and Ramon Iglesias, MD in August of 2016. Marc Beer holds a BS degree from the Miami University and has over 25 years of experience when it comes to development and commercialization in areas such as biotechnology and pharmaceuticals. Beer acts as the company’s Chairman and Chief Executive Officer. Prior to co-founding Renovia, Beer held various executive roles for companies such as ViaCell (where he served as the Chief Executive Officer) and Erytech Pharma, and Genzyme. Learn more: https://ideamensch.com/marc-beer/
Renovia was founded to develop and commercialize items that can be used for better first-line diagnosis as well as treatment in order to improve the quality of life of millions of women who suffer from pelvic floor disorders. The company’s technology enables treatment through precise visualization of movement in the pelvic area in real time during the training of the pelvic floor muscle, while monitoring progress and usage over time. The company is in pursuit of scalable as well as cost-effective care for pelvic floor disorders provided via digital health.
Marc Beer commented on the Series B financing stating that the company is thrilled to have the support of leading investors in the healthcare industry who are sharing their vision to better diagnose, treat and improve the lives of women affected by pelvic floor disorders. He also expressed excitement over the participation of 3 integrated health networks with whom Renovia can partner. Additionally, he stated that the combination of Renovia’s proprietary and innovative sensor technologies and form factors with a platform designed for digital health will provide customers important data which can inform about new treatment options and drive greater understanding of pelvic floor disorders – which can ultimately lower healthcare costs.
Marc Beer considers that the funding recognizes the value of Renovia’s innovative digital diagnostic and therapeutic product pipeline that they plan to bring to pelvic floor disorders’ treatment – including urinary incontinence. Urinary incontinence is a common condition across the world and it affects about 250 million women. The company has been committed to the development of a product pipeline that has the therapeutic and diagnostic potential which can end up having a profound positive impact on the lives of women affected by the disorder.