Velano Vascular said today that it raised $10 million in a new round of financing to support its novel vascular access solutions.
The round was joined by strategic investor Intermountain Healthcare, Kapor Capital, Marc Benioff, former Baxter International CEO Robert Parkinson and former BD CEO Edwards Ludwig, the San Francisco-based company said.
Velano said that Intermountain Healthcare previously collaborated to test, refine and pilot Velano’s needle-free PIVO technology. Intermountain Healthcare was also the first health system in the U.S. to deploy the system as a standard of care, the company said.
“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. We are thrilled to deepen our commitment to Velano and help deliver a new, more humane standard of care for all patients,” Intermountain Healthcare prez & CEO Dr. A. Marc Harrison said in a prepared statement.
The investment brings the total raised for the company to more than $37 million, Velano said. Funding from the round is slated to support continued expansion at the company and to support manufacturing under construction in the U.S.
“We are thrilled to welcome new and returning investors as we fuel our transformative efforts to meet the commercial demand for PIVO and a family of novel solutions. Blood collection is a universal issue and PIVO will ultimately touch every human on the planet. We are excited to expand our family of supporters as we build production capacity in the United States, enlist new hospital partners, and realize our vision for a one-stick hospitalization,” Velano CEO Eric Stone said in a press release.