Velano Secures Additional Funding

My Subscriptions

Payment Confirmation

Transaction Failed

Your transaction failed, please try again or contact site support.

Vascular access technology pioneer Velano Vascular today announced that it has closed the second tranche of a $25 million growth financing that will fuel commercialization and the launch of additional novel inpatient medical device solutions. This new investment builds on an initial tranche closed in the first half of 2019 and brings Velano’s total funding to more than $50 million from a mix of company insiders, venture capital firms, hospital partners, and undisclosed healthcare industry multinationals.

“We are thrilled to welcome new and returning investors as we continue to establish a more humane global standard for hospital practice at the intersection of blood collection, vascular access, and infection prevention,” said Velano Chief Executive Eric M. Stone. “Commercial demand for PIVO and our family of novel solutions is being driven by a move to One-Stick Hospitalization and a growing realization that removing needles from blood draws improves the patient experience protects practitioners, and boosts the bottom line.”

In addition to this growth financing, Velano reached a number of critical milestones as part of its ongoing expansion in 2019:

  • Named one of Fast Company’s Most Innovative Companies in the World and a Top Ten Most Innovative Company in Biotech;
  • Earned Frost & Sullivan’s 2019 North American Leadership Award for Needle-free Venous Access Technology;
  • Crossed over one million PIVO procedures, establishing this transformative practice as a standard-of-care;
  • Completed a systemwide rollout for its needle-free PIVO™ technology at Centura Health across Colorado and Kansas;
  • Stood up a state-of-the-art manufacturing line in the United States that will help meet health system demand for Velano’s needle-free blood collection solutions.

More than one billion inpatient blood draws occur around the world every year – a critical medical procedure that is further complicated by the rising number of Difficult Venous Access (DVA) patients, currently estimated at 30% of all hospital patients due to aging, obesity, or chronic disease.

Velano’s award-winning family of vascular access technologies enable blood draws from indwelling peripheral IV catheters, helping to combat the urgent challenge of vascular access globally. This innovative blood collection practice aims to reduce hospitals’ reliance on repeat needle sticks and central line access for blood draws. It also seeks to provide an optimized care experience for patients, a safer environment for practitioners, and a more efficient alternative for health systems.

 

spot_img

DON'T MISS

Mediclinic Appoints 2 New Independent Non-Executive Directors

Natalia Barsegiyan and Zarina Bassa will bring significant and diverse skills and experience, complementing those of existing Board members. I am confident they will both be great additions to our Board of Directors.”

Asensus Surgical Appoints Two New Board Members

Asensus Surgical, Inc. (NYSE American: ASXC), a medical device company that is digitizing the interface between the surgeon and the patient to pioneer a new era of Performance-Guided Surgery™, today announced the expansion of its Board of Directors, appointing...

Our Sister Publication: Biotechnology News Magazine

Subscribe to Medical Device News Magazine here.