US-based blood testing device producer Velano Vascular completed a $25m funding round featuring care provider Intermountain Healthcare on Tuesday after securing a $15m extension.
Velano did not name the latest participants, noting only that the round’s new and existing investors included hospitals and multinational healthcare companies, venture capital firms and executives. It received an initial $10m from Intermountain, Kapor Capital and assorted indivuduals in May this year.
Founded in 2011, Velano produces a medical device, Pivo, that facilitates the use of peripheral intravenous therapy for frequent blood draws in hospitals. The technology helps avoid blood draw needles that would need to be administered manually each time.
Pivo is marketed as a painless, compassionate alternative for hospital patients and is expected to be particularly useful in cases where age, chronic disease or obesity complicate access to veins. It has received regulatory approval in the US.
Velano has now picked up more than $50m in funding altogether. The company raised $17m from a consortium including healthcare providers Sutter Health, Griffin Hospital and Children’s Hospital of Philadelphia in 2017.
The 2017 round further included an unnamed healthcare corporate and global supplier in addition to Kapor Capital, First Round, Safeguard Scientifics, White Owl Capital and various private investors.
Griffin Hospital, Children’s Hospital of Philadelphia, First Round, White Owl, Kapor and Safeguard Scientifics contributed to a $3.5m round for Velano in 2016 together with D-W Investments and individual investors. The former six had already provided $5.5m in series A funding the previous year.
