Renovia Inc. can now proceed with now projects after CEO Marc Beer helped the company to raise $42M. The money will be used to promote products meant for the treatment of pelvic floor disorders, and there is expected to be a significant boost in the new research. The CEO said that a large sum of the money was raised through a series B round while the remainder was collected through venture debt. This is good news for the company which has been exploring various ways to fund its operations and to venture into new markets.
Diagnostic and therapeutic products
Based in Boston, Renovia Inc. is trying to develop the latest diagnostic and therapeutic products that will help over 250,000 women suffering from pelvic floor disorder. The necessity for these programs stems from the fact that these women have been experiencing a lot of difficulties in managing this condition. In addition to that, the doctors who have been trying to help them have had little help from the available products and therefore, it was important to develop something that will cater to these limitations. Their products have been designed after a long period of research.
The Longwood Fund contribution
To raise the money, Renovia had to rely heavily on the Longwood Fund. This is a healthcare company that had earlier invested in Renovia, and therefore, it was instrumental in raising the money. It is this company that joined the B round, and it is through this round that $32 out of the $42 was collected. With such a contribution, there is no doubt that the company has cemented its investment and so, it is going to play a significant role in determining the future of Renovia. There were other players involved in the collection of the funds. Learn more: https://www.bizjournals.com/boston/potmsearch/detail/submission/6457372/Marc_Beer
A new version of Leva
While announcing the news, CEO Marc Beer said that one of the solutions that the company was going to develop using the money was a new version of Leva. The Leva has been instrumental in the diagnosis and treatment of various conditions, but the company feels that an upgrade would be more ideal. Indeed, their desire is to come up with better solutions that solve new challenges and so, it informs their decisions.
About Marc Beer
Marc Beer is the chairman, Chief Executive Officer, and co-founder of Renovia, a women startup company that develops diagnostic solutions for the treatment of various conditions. He has over 25 years of experience in the industry and has worked with some of the leading companies. In addition to that, Marc has served as a member of the boards of various organizations. It is his vast experience in management that has helped him to get Renovia Inc. to a perfect start by collecting funds on time and ensuring that projects are not interrupted.