Renovia successfully completed $42.3 million in venture financing that included a varied mix of Series B equity and venture debt. This financing will be used to further fund the company’s research and development, clinical trials, and future product launches. Renovia is a women’s health company based in Boston, Massachusetts, that focuses on biotechnological remedies for women’s health conditions. Its first product, Leva, is a therapeutic device for lower pelvic floor conditions.
The Story of Renovia Inc
Renovia was founded in 2016 by Marc Beer, Ramon Iglesias, and Yolanda Lorie to develop diagnostic therapeutic devices to alleviate various women health conditions. As a women’s health and wellness organization, Renovia looks to further test and develop cost-effective devices to improve the treatment of women with pelvic floor conditions such as urinary incontinence.
In March 2019, Renovia was nominated for MedTech Company of the Year NEVY Awards. Hosted by New England Venture Capital Association, the NEVY Awards recognizes New England’s talented entrepreneurs across a wide spectrum of various health technology fields.
What is Leva?
Leva was the original product released by Renovia to treat urinary incontinence, a condition believed to affect one in four women. Urinary incontinence is a condition where the inner pelvic region, weakened by age and childbirth is unable to hold in urine when pressure is exerted against it. The startup Revonia’s flagship product is Leva, a device that functions like kegal ball exercises. Leva works by being paired with a smartphone app and enables users to visually see the muscles being used during kegal exercises.
Muscles strengthen as they are used. The problem is that the pelvic floor muscles are internal muscles and other connective tissue that one cannot reach. Kegal exercises were the traditional method of exercising the muscles of that region. Unfortunately, Renovia claimed that one-third of all women doing kegal exercises are doing the exercises incorrectly. Without aid, it is impossible to visually check if the correct muscles are being exercised.
Leva changed all that. With the Leva probe inserted, users can see the muscles at work through their smartphone and can be more confident that the exercises are being done correctly.
Cleared by the Food and Drug Administration, Leva is available through medical providers with a prescription only. Purchase of the Leva device enables the user to obtain resources from Renovia’s Women Center that can help further educate the user with videos, educational materials, and continuing support. Users can also schedule in-office or at-home training sessions.
Renovia’s Series B Financing
Renovia began as a startup with humble beginnings. However, with the success of this latest wave of funding, they’ve demonstrated that they are here to stay. The financing was led by three of the leading health networks of the region and suggests more partnerships in the future. Prominent investors include Longwood Fund, Inova Strategic Investments, OSF Ventures, and Western Technology Investment.
Looking to the Future
With all of the new investors it gained from the financing, Renovia will definitely have all the right potential to have a productive year conducting research and new product development. CEO Marc Beer had been instrumental in Renovia’s successful financing and plan on making significant improvements to the original Leva. 2019 will also be a year where Revonia begin its campaign to increase public awareness and health education about pelvic health conditions through its Women’s Center. For a women’s health area that is normally neglected and untaught, Renovia believes that being educated is the best treatment.
Meet the Leadership Team
The leadership team at Renovia consists of:
- Marc Beer – Co-founder, Chairman, CEO
- William Dull – Chief Commercial Officer
- Samatha Pullian, MD- Chief Medical Officer
- José Bohorquez, PhD – Chief Scientific Officer
- Jim O’Conner – General Counsel, Senior Vice President
- Jessica McKinney, PT, MS – Vice President, Medical Affairs, Clinical Advocacy
- Robin Sutherland – Vice President, Human Resources, Clinical Operations
Through its flagship product Leva, Renovia has not only raised capital to produce a product that can help millions of women, it has also raised awareness of a health condition that is not well addressed. With its new source of funding, Renovia can begin a new round of clinical research and new product development to better the health of women everywhere.