Latest funding caps year of groundbreaking milestones for transformative vascular access company; new capital will be used to meet rapidly growing hospital and patient demand
SAN FRANCISCO, Dec. 17, 2019 (GLOBE NEWSWIRE) — 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.