Why Marc Beer Founded Renovia?
Of the many successful enterprises under Marc Beer’s belt, he’s most associated with Renovia. Currently, Beer serves as the company’s CEO and Chairman, but he’s also a co-founder. He founded the company alongside Dr. Ray Iglesias and Yolanda Lorie. Renovia, a med-tech based in Boston, develops therapeutic and diagnostic devices for women living with pelvic floor disorders.
Their goal is to provide effective, first-line diagnosis and treatment, something desperately needed by nearly 25 percent of women in the United States today. Pelvic floor disorders can lead to several conditions, including urinary and fecal incontinence is among the least problematic conditions.
Dr. Iglesias starting thinking about an idea like Renovia ten years before co-founding the company. Dr. Iglesias is a gynecologist who spent the first 35 years of his career performing life-saving pelvic floor surgeries. With the number of surgeries he was performing, he wondered why no one was trying to develop a line of products to help women avoid the surgical necessity.
After getting a phone call from Dr. Iglesias asking for his help, Marc Beer did some research and found some staggering statistics related to pelvic floor disorders. He not only found the outrageous number of women suffering from these disorders, but he found that the ambulatory costs that these women paid between 2005 and 2006 were nearly $300 million; $298 million to be exact.
The beer left the details of the product to line to Dr. Iglesias and Lorie, but he knew he could affect the costs women faced. Beer also took charge of the direction the company went in, as he intended to develop innovative and proprietary sensor technologies. He also wanted Renovia to be the first to develop a digital health platform.
Renovia was founded in 2016, and in 2018, the company surpassed its first milestone. In April of 2018, the FDA approved the first Renovia-developed product called Leva. As if that wasn’t impressive enough, that same year, Beer landed a round of Series B funding, totaling $32 million for future technologies. They also had access to the additional $10 million from venture funding. Learn more: https://renoviainc.com/leadership/
Though releasing their first FDA-approved product was huge; getting the Series B funding was unexpected. Beer talked about his and the company’s excitement in a brief interview after the announcement was made. Having that kind of support behind what they’re trying to do is inspiring and only makes them want to achieve their goal that much faster.