Velano Vascular, a San Francisco, Calif. – based vascular access technology company, closed the second tranche of a $25m growth financing.
This new investment builds on an initial tranche closed in the first half of 2019 and brings total funding to more than $50 million from a mix of company insiders, venture capital firms, hospital partners, and undisclosed healthcare industry multinationals.
The company intends to use the funds to accelerate commercialization and the launch of additional novel inpatient medical device solutions.
Led by Chief Executive Eric M. Stone, Velano provides a family of vascular access technologies that enable blood draws from indwelling peripheral IV catheters.
The company’s FDA-approved PIVO device expands the use of peripheral IV lines for frequent, high quality blood draws, aiming to deliver painless, compassionate care for hospital inpatients, a safer practice for caregivers, and a more financially responsible alternative for health systems.