Velano Vascular, which raised a $5 million Series A round, said today that it won 510(k) clearance from the FDA for its “needle-less” blood-drawing device.
The Velano device is designed to reduce the number of blood draws for hospitalized patients, by temporarily re-purposing peripheral intravenous catheters to draw blood, according to a press release.
"A fundamental benefit of this technology is reducing the ‘pin cushion effect’, in which hospitalized patients are ‘stuck’ several times daily to obtain blood tests. Oftentimes, the draw procedure is plagued by multiple failed attempts,"co-founder & CEO Eric Stone said in prepared remarks. "The FDA’s clearance of this novel technology validates the existing clinical need and will allow us to expedite our efforts to bring this innovation to patients, healthcare providers and hospitals around the world."
The Series A round was led by First Round Capital and included Kapor Capital, Safeguard Scientifics (NYSE:SFE), White Owl Capital, Griffin Hospital of Derby, Conn., and the Children’s Hospital of Philadelphia.
Velano, which was founded in 2012, said it plans to use the cash to fund clinical testing and early commercialization of the product at certain hospitals. The device is intended to be a safer and more pleasant alternative to traditional needles.
"Starting with the basic premise of replacing an antiquated technology – phlebotomy needles, which date back centuries – to dramatically improve patient care has led us to an incredible business opportunity that benefits patients, practitioners and hospitals alike. We are encouraged by the level of support from this notable group of investors," Stone said in announcing the round last week.
Stone founded the company in 2012 with president Dr. Pitou Devgon, who invented the Velano tech.