Velano Vascular announced that it has secured $17 million in financing, which will be used to scale and commercialize a family of vascular access technologies, including the PIVO needle-free device that seeks to improve the overall blood draw experience for patients and practitioners.
A publicly traded healthcare company and a global supplier join existing investors First Round Capital, Griffin Hospital, Kapor Capital, Safeguard Scientifics (NYSE: SFE), Sutter Health, The Children’s Hospital of Philadelphia, White Owl Capital, and a number of health-industry veterans in supporting Velano Vascular’s mission to reduce the pain, risk, and inefficiencies of vascular access and blood collection practices.
“This level of investment is a tremendous validation of our team’s effort to establish a true, more compassionate standard of care,” says Velano Vascular CEO Eric M. Stone. “Tens of thousands of PIVO draws across multiple health systems in the U.S. and overseas reflect that there is a better, more efficient way to draw blood. This funding will allow us to meet the growing commercial demand and to touch millions of lives in the years ahead.”
Hospital inpatient blood draws are one of the world’s most common invasive medical procedures, with an estimated 1 billion occurring globally every year and more than 400 million in U.S. hospitals alone. Hospitals use of needles and central line access for blood collection can create unnecessary pain and anxiety for patients, the potential for patient harm, and the possibility of practitioner injury. These challenges are further complicated by the immense inefficiencies associated with collecting laboratory samples in the rising population of the estimated 30 percent of DVA (Difficult Venous Access) patients, due in part to the increasing prevalence of obesity, aging and chronic illness.
“Our ongoing investments in Velano are driven by our belief that this revolutionary technology addresses a significant unmet need supported by mounting market demand,” says David Mars, Managing Director of early Velano investor White Owl Capital. “It also provides a rare opportunity to work with an inspiring team of patient-centered innovators and a company that will positively impact millions of patients and caregivers around the world.”
PIVO is a single-use, disposable device that enables high quality blood samples via indwelling peripheral IV lines, supporting hospitals’ reduced reliance on repeat needle sticks and central line access for blood collection. PIVO seeks to provide a more compassionate care experience for patients, a safer environment for practitioners, and a more financially responsible alternative for health systems.
Frost & Sullivan awarded PIVO its New Product Innovation Award for Vascular Access in 2016.