Velano Vascular, a San Francisco, Calif.–based access technology company, secured $10m as the initial tranche of a growth financing.
– Intermountain Healthcare, which previously collaborated with Velano Vascular to test, refine and pilot the needle free PIVO technology;
– Edward Ludwig;
– Marc Benioff;
– Robert Parkinson; and
– other undisclosed investors.
The company intends to use the funds, which bring total investment to more than $37m, to accelerate commercialization and launch additional novel vascular access solutions. A portion of the funds will also be deployed towards a manufacturing line currently under construction in the United States. This new facility will begin production in 2019 to meet the demand for Velano’s needle free blood collection solutions.
Led by Chief Executive Eric M. Stone, Velano provides the PIVO needle-free blood collection device and a family of vascular access products that combat the urgent challenge of vascular access globally. In 2018, the company expanded the use of its blood collection technologies to ten states and to dozens of U.S. hospitals.