Last week Renovia, maker of an FDA-cleared, app-based system for pelvic floor disorder management and therapy, announced the closure of a $32.3 million Series B equity round and an additional $10 million of debt financing. The round was led by Perceptive Advisors and Ascension Ventures, with additional participation from Longwood Fund, Inova Strategic Investments, Cormorant Asset Management, OSF Ventures, and Western Technology Investment.
“Combining our innovative and proprietary sensor technologies and form factors with a digital health platform will give our customers valuable data to inform new treatment options, drive greater knowledge and understanding of pelvic floor disorders, and ultimately lower long-term healthcare costs,” Marc Beer, cofounder, chairman, and CEO of Renovia, said in a statement. “This funding recognizes the tremendous value in our innovative digital therapeutic and diagnostic product pipeline that we plan to bring to the treatment of pelvic floor disorders, including urinary incontinence.”
According to a statement, the new backing will be put toward clinical trials, corporate development, development of the company’s product pipeline, and supporting upcoming commercial launches.
Renovia’s flagship product is the leva Pelvic Digital Health System, which is comprised of a smartphone app and connected probe. Sold alongside another device, the EmbaGYN Pelvic Floor Exerciser, the company’s offering guides users through training sessions to strengthen the muscles necessary to maintain continence while collecting compliance and progress data for later use.
Renovia was founded in 2016, and according to its website is currently developing additional platforms for pelvic floor disorder therapy and diagnosis. Earlier this year, the company bolstered its ranks with a number of appointments, among which included Dr. Samantha Pulliam as chief medical officer, Jessica McKinney as VP of medical affairs and clinical advocacy, and Jim O’Connor as general counsel.
“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,” Beer said. “This mix of existing and new financial investors, and the participation of three leading integrated health networks with whom we can partner, is so well-aligned with Renovia’s clinical and commercial vision.”
Renovia isn’t alone in this space. Australia-based Analytica’s smartphone-connected Kegel exercise device PeriCoach, for instance, has been available over-the-counter for more than two years.