Renovia Receives $32.3 Million for App-Based Pelvic Floor Strengthening Device

Renovia, manufacturer of an FDA-cleared pelvic floor disorder management device, just recently received a $32.3 million Series B equity round, as well as $10 million in debt financing. Funding Renovia’s innovative smartphone app integrated Leva Pelvic Digital Health System, this round was headed by Perceptive Advisors and Ascension Ventures, with supplemental funding from Longwood Fund, Cormorant Asset Management, Inova Strategic Investments, and Western Technology Investment, and OSF Ventures.

The device aims to help women alleviate symptoms of pelvic floor disorders, including chronic pelvic pain radiating to the groin and lower back, pain during intercourse, frequent urge to urinate, constipation, and many other painful symptoms. Leva works through a proprietary motion sensor that is inserted into the woman’s vaginal orifice and detects muscle contractions guided via the linked application. The Leva kit also comes with the EmbaGYN Pelvic Floor Exerciser, another product “intended for the rehabilitation and training of weak pelvic floor muscles for the treatment of stress, mixed, and mild to moderate urgency urinary incontinence in women,” as per Renovia’s site.

“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,” said Renovia CEO Marc Beer 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.”

This statement also claims that the new funding will be set towards conducting new clinical trials, developing the company’s corporate structure and product line, and supplementing upcoming product launches. Renovia’s site states that the company is currently working to develop more platforms for pelvic floor disorder therapy.

The term “pelvic floor dysfunction” is an umbrella term for an array of disorders that can occur when the pelvic floor muscles become weak, torn, or tight. If the muscles atrophy or the supporting ligaments are stretched, the organs of the pelvis or even the gastrointestinal tract can protrude into the vagina. In severe cases, the organs can protrude through the orifice into the external environment.

“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,” said Beer. “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 raises $42.3m to support product development pipeline https://t.co/aRmLYAtAul

— medicaldevices (@medical_br) August 23, 2018

Sources: Florida Hospital, MobiHealthNews, Renovia