The current biotech industry is highly competitive and the chances for biotech startups to sustain in the market while staying in alignment with the guidelines enforced by the FDA are very low. Renovia Inc. is a biotechnology firm founded and managed by CEO Marc Beer is coming up with prominent results that will change the lives of many. The company recently raised a staggering $42.3 million as a part of their series B funding with $10 million as venture debt. The funding secured would be completely devoted to the research and development of products for women suffering from pelvic floor disorders, for example, urinary incontinence.
According to the statistics, around 250 million women worldwide are a victim of some form of pelvic disorder and Renovia Inc. is dedicated to developing products that reduce or completely diminishes the disorders affecting the lives of millions across the globe. In 2018, Renovia Inc. launched their FDA approved product called the Leva. It is a smartphone application that is designed to track and motivate strength training which is believed to be a remedy to such disorders. The app has proved its worth by locating and isolating weak levator plate muscles for facilitating better movement.
Marc Beer promised that the funding will give rise to a series of products integrated with advanced technology. The pelvic floor disorders cause pain, abdominal pressure and improper bladder discharge resulting in urinal incontinence. Marc elaborated that a combination of their patented and state-of-the-art sensor technology along with a digital platform will provide the doctors and customers with detailed reports about their current disorders and suggest the best treatments available in the market. He believes that in the long-run the treatment cost will come down making it a feasible option for people who cannot afford costly treatment procedures.
Their fundraising event was organized by Ascension Ventures and included longtime investors such as Longwood Fund, OSF ventures and more. Out of all, Longwood Fund has been a major investor as they believe that supporting Renovia Inc. is like supporting a noble cause and pledged to support them throughout their journey towards success which looks inevitable. Marc was delighted to have received the warmth and understanding of so many investors who believe in what they do and what they want to achieve that will affect the lives of millions in a positive way.
Renovia Inc. not only wants to help people suffering from pelvic floor disorders but also to end the social stigma that revolves around it. Women are normally uncomfortable discussing problems related to such disorders which lead to hesitancy in getting treatment and can get serious if left untreated. Renovia is not just providing better treatment options but also ensure that the patient is safe at all times with high levels of privacy in the devices that track intricate data. Learn more: https://patch.com/massachusetts/boston/renovias-marc-beer-raises-42m-treat-womens-health-issues