Renovia, a US-based developer of medical devices for female pelvic disorders, secured $32.5m funding yesterday in a series B round co-led by Ascension Ventures, the venture capital arm of hospital owner Ascension.
Perceptive Advisors co-led the round, which included OSF Ventures, the corporate venturing vehicle for care provider OSF Healthcare, as well as Longwood Fund, Inova Strategic Investments, Cormorant Asset Management and Western Technology Investment.
The equity funding was raised alongside $10m in venture debt, and BayCross Capital Group advised Renovia on the financing. The company had previously received $8m from undisclosed investors in January 2017 according to a securities filing.
Founded in 2016, Renovia is developing medical devices to diagnose and treat pelvic floor disorders by visualising pelvic movement when a patient is undergoing pelvic floor muscle training.
The series B capital will be used to fund clinical trials and development of the company’s product pipeline in addition to supporting the future introduction of Renovia’s products to the market.
Marc Beer, Renova’s co-founder and CEO, said: “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.
“This funding recognises 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.”