Velano Vascular Secures $25 Million in Series B Growth Funding to Accelerate Commercialization of PIVO, Its Needle-Free Blood Collection Device

VCBeat (WeChat ID: vcbeat) has learned that on December 17, 2019, local time, Velano Vascular, a medical device company headquartered in San Francisco, California, completed a second growth financing round of $25 million. The company’s investors include Kapor Capital, White Owl Capital Partners, and Intermountain Healthcare, a Utah-based healthcare system. Since 2018, Intermountain has been using PIVO, a single-use, needle-free blood collection device. This new investment builds upon the first tranche of funding completed in the first half of 2019. Following the completion of this financing round, Velano Vascular’s total capital raised exceeds $50 million. Reportedly, the company intends to use these funds to accelerate the commercialization of its flagship product and launch other novel inpatient medical device solutions.

Velano Vascular was founded in San Francisco, California, in 2012, dedicated to improving traditional blood collection techniques to reduce risks and enhance efficiency, as well as advancing clinical research on vascular access. The disposable needle-free blood collection device PIVO, developed by Velano Vascular, can mitigate the risks associated with venipuncture caused by body weight, chronic diseases, or other physical conditions.

The PIVO device, which received FDA 510(k) clearance in 2017, enables the acquisition of high-quality blood samples from peripheral intravenous lines, allowing hospitals to reduce their reliance on repeated needle sticks and central venous access for phlebotomy. In addition to seeking a better care experience and safer treatment environment for patients, as well as providing health systems with a more cost-effective alternative, PIVO is also designed to serve the growing population of patients with difficult venous access (DVA).

“We are delighted to be part of the wave toward building one-stop inpatient care,” said Eric Stone, CEO of Velano Vascular, in a phone interview. “We have always maintained an open stance on this, and our goal is to secure an irreplaceable position for PIVO in standardized global care pathways.”

Eric Stone added that the new funding will be used to hire staff and collect clinical data on PIVO’s performance. Additionally, the company plans to expand PIVO’s production capacity in the United States. Velano Vascular’s new factory is expected to open next year, but Eric Stone declined to disclose the specific location.

(Compiled by: Ning Chen)