Renovia, a company that was formed in able to develop devices with an innovative sensor to improve diagnosis and treatment, successfully gathered the funding needed to develop four of its new devices. One of its new devices is called the Leva, which is being developed in order to battle the pelvic floor disorders that affect a lot of women in the world. A Series B Round funding which is worth $32 million and a $10 million venture debt was successfully accumulated for the development of the four devices.
The Longwood Fund, which is an investment firm that focuses on healthcare, provided the $32 million of series B round funding. Perceptive Advisors, a New York-based investment advisory firm, as well as Ascension Venture, a Missouri-based firm, led the funding transaction. It can be noted that the Longwood Fund is one of the early investors of Renovia. With these findings, along with the $10 million venture debt, Renovia is planning to develop Leva along with three other products. Leva has already been approved by the FDA last April 2018. It is expected to use non-invasive diagnostics and therapies that can help with the problem of pelvic floor disorders that occurs worldwide to a lot of women.
A lot of people are unaware about pelvic floor disorder, also known as pelvic floor dysfunction. This happens when a person’s ability to tighten and relax the pelvic floor muscles weakens. Among its symptoms are constipation, urine or stool leakage, and the need to urinate frequently. One such example of a pelvic floor disorder is the Urinary Incontinence, which is the weakened or lost control over the urinary sphincter. One of the biggest challenges of this venture is that people are not aware of the disorder, which makes its diagnosis tricky.
There are an estimated 250 million people affected by this condition, but only a portion of them are aware of it. Because a lot of people are undiagnosed, the total number is expected to be higher. With Marc Beer leading the movement, Leva is expected to help diagnose people who have pelvic floor disorders. The device will be using non-invasive tools for the diagnostic and will use available technology such as Bluetooth in order to help with the rehabilitation.
Being the CEO of the company, Marc Beer stated that he was thrilled with the support that he and the company received from its investors. He also stated that through the propriety sensors, it is now possible for customers and medical practitioners to get valuable data in easier methods.
Marc Beer is the CEO, Chairman, and one of the Co-Founders of Renovia. He was also the founder of ViaCell, which is a company that specializes in stem cells operations. Beer also founded Good Start Genetics and is an alumnus of the University of Miami, Learn more: https://ideamensch.com/marc-beer/