Velano Vascular announced today that it closed the second tranche of a $25 million growth financing to bring its total funding to more than $50 million.
The total funding collected from insiders, venture capital firms, hospital partners and undisclosed healthcare industry multinationals is earmarked for Velano’s planned commercialization and the launch of additional inpatient medical devices, including its PIVO blood collection device.
San Francisco-based Velano develops vascular access technologies designed to enable blood draws from indwelling peripheral IV catheters. The company’s blood collection practice is designed to reduce reliance on repeat needle sticks and central line access for blood draws.
“We are thrilled to welcome new and returning investors as we continue to establish a more humane global standard for hospital practice at the intersection of blood collection, vascular access, and infection prevention,” Velano CEO Eric Stone said in a news release. “Commercial demand for PIVO and our family of novel solutions is being driven by a move to one-stick hospitalization and a growing realization that removing needles from blood draws improves the patient experience, protects practitioners and boosts the bottom line.”
In May, the company raised $10 million for the PIVO technology with investments from Intermountain Healthcare, Kapor Capital, Marc Benioff, former Baxter (NYSE:BAX) CEO Robert Parkinson and former Becton Dickinson (NYSE:BDX) CEO Edward Ludwig.