Velano Vascular is expanding development and commercialization of its inpatient blood-draw technology. The company announced today it’s moving forward with $3.5 million in funding, an addition to its $5 million Series A.
The technology is designed to remove the needle prick from blood draws at the hospital by using a single-use, disposable device that is intended to standardize blood draws via patients’ existing, indwelling peripheral IV (PIV) catheter, reducing the reliance on repeat needle sticks and central line blood draws.
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This provides many benefits. For one, a lot of people are afraid of needles, especially kids (pediatrics is a big focus for Velano). Also, it prevents risks of infection for patients, it lowers the risk of practitioner infection from accidental needle pricks, especially when treating patients with HIV and hepatitis, and it also allows practitioners to take samples without disrupting a patients sleep cycle.
As CEO Eric Stone explained in an interview, for companies like his own, hospitals can be partners as well as customers. Those involved can be “champions for innovation” in a way that makes the likelihood of adoption of technology like his much greater.
As Stone pointed out, a blood draw is the most common invasive experience in a hospital. Technology like this gives nurses and practitioners a more humane way to administer care.
For patients who are diabetic, elderly or obese, challenges with blood draws are much greater and can be even more invasive. Not only that, Stone says that their technology in the end is more economical for a hospital, so it’s essentially a win win for both patients and hospitals.
New investors for the Series A addition include former Becton Dickinson Chairman and CEO Ed Ludwig, individual members of the Medline leadership team, Oscar S. Schafer, Qosina Founder Stuart Herskovitz and D-W Investments. Prior investors include First Round Capital, White Owl Capital, Kapor Capital, and Safeguard Scientifics, in addition to Griffin Hospital, The Children’s Hospital of Philadelphia, and a number of health industry veterans.