Last year, 2018 was a good year for Marc Beer when it was confirmed that Renovia Inc. a company he helped co-found in 2016 would receive $42 million. The money would be used to produce various healthcare products that help diagnose and treat various pelvic floor disorders among women sufferers. The Series B funding, whose funders include one former donator, Longwood Fund, will be released in two batches. The first batch of $32 million, which was announced in August 2018, is in cash while the $10 million remainder is in venture debt.
While the $42 million is the greatest donation so far, it is not the first funding Marc Beer has received. In early 2018, Marc Beer’s Renovia Inc. received its first funding from Longwood Fund, a premium investment company that deals in the production of various health-related products. It is during this initial funding that Marc Beer’s company successfully produced and launched its debut product. In April 2018, Food and Drug Administration (FDA) approved the use of Leva, a gadget produced by Renovia Inc. to help diagnose and treat urinary incontinence and related pelvic floor disorders among women.
Latest reports from the World Health Organization (WHO) show that various forms of pelvic floor disorders affect more than 250 million worldwide. With this vast number of sufferers, Marc Beer’s Renovia Inc. is committed to producing the latest high-end biotechnological devices that help to diagnose PFDs. While the first funding successfully saw the launch and approval of Leva, Renovia’s debut product, part of the second funding dubbed Series B will also go toward the improvement of the first device. According to Marc Beer, part of the $42 million his company has received will be used to launch and carry tests on a newer version of Leva.
A major part of the funds will, however, be directed to the production of three other devices, which Beer says will significantly help in the treatment of PFDs among women. Although Marc did not mention what the devices are, it is evident that the company will embark on their production once the funding has finally been received. In a statement to thank his partners, Marc Beer said, “We are thrilled to have the support of this group of leading healthcare investors who share our vision to better diagnose, treat and improve the lives of millions of women affected by pelvic floor disorders.” Learn more: https://renoviainc.com/leadership/
Marc Beer is an accomplished manager with over 25 years of experience in the health biotechnology sector. Before starting Renovia Inc. the father of three worked for ViaCell. He joined this biotechnology firm in 2000. He rose to various ranks and before the company was placed under new management, Marc Beer served as its Chief Executive Officer.