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S.F.-based startup raises $25M to expand blood collection technologies
By Brian Rinker for Biz Journals — December 20, 2019
San Francisco medical device company Velano Vascular closed a $25 million second round of financing, bringing its total overall to $50 million. The new capital will go toward expanding its needle-less blood draw device and to developing new technologies.
CEO Eric Stone would not reveal what these new technologies will entail but said they will fall within the company’s mission of reducing the costs and risk of infections associated with blood draws. Currently, the company has one device called the PIVO— a flexible catheter that is inserted into an existing IV to allow for blood to be drawn multiple times without having to stick the patient over and over again.
With a previously existing fear of needles, Stone was easily sold on the one-stick blood draw device when if was first presented to him as a sketch on a barroom napkin by Velano co-founder Dr. Pitou Devgon.
Stone imagines a world in which people who need blood draws aren’t subjected to sharp pokes to the flesh. He sees this prickly place in health care as ripe or disrupting.
“There is not a whole lot of need for needles, especially in the hospital setting,” Stone said.
This year, the company celebrated 1 million PIVO procedures since the product hit the market nearly two years ago.
Stone expects staffing to double from its current 35 in the near future, as the company rolls out the one-stick blood draw product to more hospitals and develops new devices that will further improve both taking fluids out and putting fluids into the body.