VeinTech awarded $493,489 of Accelerating Commercialisation funding
Perth based medical device company VeinTech is excited to announce it has secured $493,489 of matched non-dilutive funding to continue its efforts to commercialise its innovative vein finding technology. The product, VeinWave, is expected to improve experience for both patients and clinicians by reducing the rate of failed cannulation insertion attempts, saving time, cost and stress associated with this common procedure.
Mr Nicholas Buckley (above, centre), Chief Executive Officer and Director, is thrilled by the funding support to further grow the team and begin preparations for market access. “This funding will help create five new roles at VeinTech and kick-off preparations for accessing the Australian and US markets. It will also give us additional runway ahead of our next capital raise.” VeinTech welcomes Australian investors and businesses to join its commercialisation journey through current and future financing rounds or collaborative partnerships.
Mr Nikhilesh Bappoo (above, right), Chief Technology Officer and Director of VeinTech, and researcher at the Harry Perkins Institute of Medical Research, welcomed the recognition by the Albanese Government of outstanding Western Australian medical science and innovation. “We are so fortunate to receive this support which will allow us to propel the development of local manufacturing capabilities for our sterile sheaths and speed up our regulatory and intellectual property strategies. We’re excited to show what the MedTech industry in Australia can provide – not just in better health outcomes, but also diversification of the economy, training and job creation.”
Inserting a peripheral intravenous catheter (PIVC) – or cannula – is one of the most common procedures performed in hospitals, with approximately 7.7 million Australians undergoing the procedure each year. Yet, the Australian Commission for Safety and Quality in Health Care reports that first insertion attempts fail in up to 40% of adults, and in up to 65% of children.
“Having worked in Western Australian hospitals for the past 20 years, it’s always baffled me why we are still just stabbing around in the dark most of the time. It’s not just the pain that is the problem, each missed cannulation attempt delays time-critical treatment and costs the Australian healthcare system hundreds of millions annually.” says Dr Katherine Arenson, VeinTech’s Chief Medical Officer (pictured above, left).
The 2021 WA Innovator of the Year “Great for the State” prize winners are on a mission to make such common procedures simple by developing and democratising innovative technologies, in both cost and ease of use.
About VeinTech
VeinTech is an Australian MedTech company, solving the high failure rates of cannulation and improving the experience of both healthcare professionals and patients around the world. A portable, AI-driven vein imaging device, the VeinWave will help clinicians target the right vein successfully on the first attempt. The product is expected to lower training requirements, reduce cost due to failed attempts, and improve experience for both patients and clinicians. The VeinWave may be a paradigm shift in making vascular access safer and making assistive technologies more accessible to all, in cost and ease of use.
