Velano Draws $10M Growth Funding for Needle-Free Blood Collection Technology

Velano Vascular has secured $10 million as the initial tranche of a growth financing to fuel commercialization and the launch of new vascular access solutions. But perhaps most telling about this funding news is the notable investors who kicked in for it. In addition to strategic investor Intermountain Healthcare, individual investors include Edward Ludwig, former chairman and CEO of Becton Dickson; Marc Benioff, a notable entrepreneur, investor, and health sector philanthropist; Robert Parkinson, former chairman and CEO of Baxter. Other undisclosed investors also participated. Velano was recently recognized by Fast Company as one of the most innovative companies in the industry. The San Francisco, CA-based company said it will use the new funds to meet the rising demand for its technology. Intermountain previously collaborated with Velano Vascular to test, refine and pilot the company’s needle-free PIVO technology, which FDA cleared in 2017. Following hundreds of thousands of successful blood draws, Intermountain was the first U.S. health system to deploy PIVO systemwide as a standard of care. “As the first health system in the U.S. to bring PIVO to our inpatient populations, we have witnessed the many positive impacts of Velano’s vision for a one-stick hospitalization firsthand,” said Marc Harrison, MD, president and CEO of Intermountain Healthcare. "We are thrilled to deepen our commitment to Velano an...
Source: MDDI - Category: Medical Devices Authors: Tags: IV Products Business Source Type: news