Marc Beer has secured a $32 million funding for Renovia Inc., a start-up medical technology company he co-founded in 2016. Since the inception of Renovia, Marc has served as its Chairman and Chief Executive Officer. He has utilized his more than two decades of experience in commercialization and development of cutting-edge products and technology in the field of pharmaceutical devices and biotechnology.
The details of the funding included a total of $10 million of venture debt and an additional $32.3 million series B equity. Renovia’s earlier investment partner, the Longwood Fund, which was the primary investor in the series B round. Perceptive advisors of New York and Missouri-based Ascension Ventures managed the fundraising. Other significant stakeholders included the OSF Ventures and Western Technology Investment.
The funding comes barely six months after Renovia’s first breakthrough product, Leva, obtained a nod from the Food and Drug Administration. Leva is a product that operates with the help of a mobile app. The product functions through the use of a Bluetooth device that relays real-time images during exercises aimed at strengthening pelvic floor muscles. The product assists patients to perform the therapeutic exercises with improved precision — additionally, the app assists in distinguishing loose levator plate muscles, while at the same time directing optimal movement patterns towards the relaxed muscles.
Addressing the participants during the announcement of the funding, Marc Beer expressed his happiness with the investment partners, who took part in the financing.
“We are humbled by the overwhelming support we have received from this group of healthcare investors. Their participation is a confirmation of our shared vision to develop better and effective treatment and diagnosis of pelvic floor disorders. Together, we shall tirelessly work to improve the lives of millions of women living under the yoke of urinary incontinence across the world,” said Marc.
According to Marc Beer, the funding will be used to develop a new generation of Leva. Additionally, the fund will be used to develop other medical products and devices in the company’s pipeline. The products include sensors, proprietary algorithms, apps, and devices which offer an innovative way to treat and diagnose pelvic floor disorders through visualization.
Marc Beer is a highly experienced and knowledgeable pharmaceuticals expert. Before founding Renovia, he served as the founding Chief Executive Officer of ViaCell, a leading biotechnology company, which mainly dealt in the collection, preservation, and development of blood stem cells from a collection of umbilical cords. Marc remained at the helm of ViaCell for seven consecutive years, converting it from a small startup to a robust commercial organization.
Marc Beer had also worked at Genzyme, where he held various leadership positions. He served as the Vice-President of Global Marketing. While serving in this role, Marc spearheaded commercial launches of several products aimed at addressing rare disease populations in the world. Learn more: https://www.bizjournals.com/boston/potmsearch/detail/submission/6457372/Marc_Beer