When a company is launched, everyone expects it o go through difficulties before finally stabilizing in the industry. This observation is because there are many challenges that startups face. However, in the case of Renovia Inc., things have been different. Under the Chief Executive Officer Marc Beer, the company has made tremendous progress. The latest milestone is the securing of a $42 million funding that will go towards the development of new devices meant to treat women who are suffering from pelvic floor disorders. The company says that they are now ready to embark on one of their most ambitious missions.
The pelvic floor disorder problem
The reason Renovia Inc. was formed was to help women who were suffering from pelvic floor disorders, but they could not access any help. The firm estimated that these women exceed 250,000 meaning that it was a worrying condition. The worst part was that the devices being used were not effective enough and so, the company took it upon themselves to develop devices that would be used to diagnose and offer therapy to women with such conditions. They assembled a team of experts who studied the situation and designed tools that will go a long way in healing the women.
The next plan
CEO Marc Beer says that will go straight to work on the four devices that they hope o release soon. These are devices that have been specially designed for women with pelvic floor disorders. They come with innovative features that will solve most of the problems that doctors have been encountering during their work. In addition to that, they are devices that have been developed for the future so that they can help in solving some of the emerging problems. One of them is a new version of their famous tool, Leva. The new version will be even more useful because it is developed with more features.
How the funds were raised
According to a statement from the CEO, a significant portion of the funds as raised thanks to the partnerships that they have had with other companies. For instance, a company called the Longwood Fund invested in the company several months before the funds were raised. It is this company that played a significant role through Series B from where $32 million was collected. This amount means that without their partnerships, things would be different unless they took another strategy.
About Marc Beer
Anyone who has been following financial news over the past decade knows about Mar Beer, the CEO, and chairman of Renovia Inc. The Miami University graduate has experience in managing companies in various niches. For more than 25 years, he has been working with other teams to come up with devices that treat several health complications. He is a co-founder at Renovia Inc.Learn more: https://www.bizjournals.com/boston/potmsearch/detail/submission/6457372/Marc_Beer