Renovia announced new financing in the amount of $42.3 million. Renovia is a company that produces devices, both therapeutic and diagnostic, for disorders of the pelvic floor in women, like urinary incontinence. Of the $42.3 million, $10 million comes from venture debt, and the other $32.3 million comes from Series B equity. This new funding will prove helpful in aiding Renovia’s commercial launches, corporate development, clinical research and trials, and product development.
Renovia’s Series B financing, which is funding through venture capitalists and private equity investors, pulled together a plethora of organizations. Perceptive Advisors and Ascension Ventures led the way with Baycross Capital Group as Renovia’s advisor. The Series B financing had inclusion from OSF Ventures and Western Technology Investment, Longwood Fund, Cormorant Asset Management, and Inova Strategic Investments.
Renovia was more than thrilled to have this group of organizations working and financing the company. They are all investors that lead the way in healthcare. These companies have a commonality in achieving the same goal – the treatment and improvement of living with any pelvic floor disorder. They share both Renovia’s clinical and commercial vision of these treatments and diagnostic equipment.
With the combination of new sensor technology and factors, Renovia hopes to produce critical data that will open the doors to new treatment plans for their patients. Commercially, Renovia would like to educate and inform more people of what pelvic floor problems are, and how they can help. With new treatment plans and technology, Renovia also hopes to lower the cost of healthcare for women with pelvic floor disorders, especially urinary incontinence.
Urinary incontinence is a very common condition. It’s estimated that nearly 250 million women all over the world suffer from its symptoms. Renovia’s aim is to have women with this condition live a more comfortable life. They understand how much of a burden the condition is, and with the future development of a product with both therapeutic and diagnostic properties, hope to improve the lives of women with urinary incontinence.
Currently, Renovia’s device, leva, controls the movement of the levator plate. This is done by specifically targeting an action for optimal performance in movement. With this device, there are integrated patient-based apps that collect data. This data makes it possible for future clinical research trials and improvements to diagnostics and equipment.
Since Renovia’s funding, it has also focused on corporate development. Renovia appointed team members to senior leadership. OF these members, they appointed a Cheif Medical Officer, a Vice President of Medical Affairs and Clinical Advocacy, and a General Counsel.
The development of Renovia was based on a need to create and distribute products for diagnosis and treatment, and to better the quality of life in women with pelvic floor disorders like urinary incontinence. Renovia sets forth core values like passion and determination for patients and customers, high standards of integrity and ethics, a sense of urgency, and accountability that is unwavering. Renovia implements technology to produce treatments because it records pelvic movement for muscle training and continues to monitor the patient over time. This formulation helps Renovia’s goal to improve diagnostics and treatment and lowering the cost of treatment ultimately.
More About leva
Leva is Renovia’s Pelvic Digital Health System. This device focuses on weak pelvic floor muscles and uses BlueTooth technology to strengthen them. The system comes with two devices. One device is Pelvic Digital Health System and the other is an EmbaGYN Pelvic Floor Exerciser. Both of these devices are used to strengthen pelvic floor muscles. When the weak muscles strengthen, the patient can experience symptom relief of urinary incontinence.