Velano Vascular

About Velano Vascular

Velano Vascular, founded in 2012 by Eric M. Stone and Dr. Pitamber Devgon, developed a medical device to transform inpatient blood draws. The company's core product, PIVO (Push-in, Twist-off), is a needle-free blood collection device that attaches to an existing peripheral intravenous (IV) catheter, enabling practitioners to collect high-quality blood samples without a separate needle stick for each draw. This process aims to reduce patient pain and anxiety, particularly for those with difficult venous access or who require frequent testing, while also increasing practitioner safety.

The concept for Velano Vascular originated from the collaboration between Stone, a patient advocate diagnosed with Crohn's Disease as a teenager, and Dr. Devgon, an internal medicine physician. Stone's personal experience with frequent medical procedures and his background in healthcare marketing and business development, combined with Dr. Devgon's clinical perspective, drove the creation of a more compassionate approach to vascular access. Before co-founding Velano, Stone held positions at Abbott Laboratories and was a founding member of Model N's Life Sciences division. Dr. Devgon, the inventor of the patented technology, previously worked in venture capital at Safeguard Scientifics, focusing on medical device investments.

Velano Vascular's business model focused on selling the single-use, FDA-cleared PIVO device to hospitals and health systems. The company demonstrated the device's value by highlighting improved patient satisfaction, reduced procedural risks, and potential cost efficiencies. By making the existing IV line a reliable access point for blood collection, PIVO aimed to establish a "one-stick hospital stay" as a new standard of care. The company raised significant funding, over $51 million, from investors including First Round Capital, Kapor Capital, and major health systems like Intermountain Healthcare. In July 2021, Becton, Dickinson and Company (BD), a global medical technology company, acquired Velano Vascular to integrate the PIVO technology into its portfolio of vascular access and blood collection solutions.