Velano Vascular, maker of a needle-free blood draw system, has closed a second tranche of new financing with $25 million to put toward its commercialization and launch of additional access products and medical devices for the inpatient setting.
The funding follows up on an initial tranche of $10 million, secured by the company this past May. That included backing from Intermountain Healthcare—which previously rolled out the former Fierce 15 winner’s blood collection technology across all 22 of its Utah-area hospitals—as well as from other investors, entrepreneurs and philanthropists.
“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,” Velano CEO Eric Stone said in a statement. A list of investors for the latest raise was not disclosed.
Cleared by the FDA in 2017, Velano’s PIVO device attaches to a patient’s IV and pushes a small flexible catheter through the line and into the vein—past the debris, medication and fluids that may collect at the end of the tube and otherwise taint or block a blood sample.
The device allows practitioners to collect as many tubes or syringes of blood as needed while the patient is in the hospital without additional needle sticks.
“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,” Stone added. This year, the San Francisco-based company marked its one-millionth PIVO procedure.
The funding this year also helped support the construction of a new U.S. manufacturing line, after Velano expanded the use of its blood collection technologies to 10 states and dozens of hospitals in 2018.