Velano Vascular said today that it raised $17 million from new and existing investors for its Pivo needle-free blood draw device.
The San Francisco, Calif.-based company said its Pivo device is a single-use disposable product designed to collect blood from indwelling peripheral IV lines, reducing the need for needle sticks and central line access for blood collection.
Velano Vascular plans to use the funding to scale and commercialize a family of vascular access technologies, including the Pivo device.
“This level of investment is a tremendous validation of our team’s effort to establish a true, more compassionate standard of care,” CEO Eric Stone said in prepared remarks. “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.”
An unnamed publicly traded healthcare company and global supplier invested in the round, joining First Round Capital, Griffin Hospital, Kapor Capital, Safeguard Scientifics, Sutter Health, The Children’s Hospital of Philadelphia, White Owl Capital and others, according to the company.
“Our ongoing investments in Velano are driven by our belief that this revolutionary technology addresses a significant unmet need supported by mounting market demand,” White Owl Capital managing director David Mars added. “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.”
In February, the company won 510(k) clearance from the FDA for its needle-free device.