Perth-based medtech startup company, VeinTech, is one step closer to solving the cannulation experience of both healthcare professionals and patients around the world after partnering with Carbon Group.
The Issue
Cannulation is a medical term used for the process of inserting a small plastic tube into an individual’s vein to administer fluids, medication, and nutrition.
Since its introduction in the 1950s, the average insertion failure rate is estimated at 40 per cent, and up to 70 per cent in individuals with difficult intravenous access such as children, chemotherapy, and obese patients.
Each failed attempt costs up to $70, with increased workload for clinicians and adverse outcomes and pain for patients.
The Possible Solution
After the team and winning the Perth Biodesign program in 2019, VeinTech founders Nikhilesh Bappoo, Nicholas Buckley, and Dr. Katherine Arenson are positioned to solve the high rate of first-pass cannulation failure rates.
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.
Chief Technology Officer Mr Bappoo believes the VeinWave will be a paradigm shift in masking vascular access safer and more accessible to all, in cost and ease of use.
“We have been cannulating people since the 1950’s, yet 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 $700 million yearly,” he says.
Our goal is to change this.
Nikhilesh Bappoo, Co-founder of VeinTech
The 2021 WA Innovator of the Year “Great for the State” prize winners are continuing their capital raising and actively building long term partnerships through their Seed Investment Round which was opened in February this year.
Chief Executive Officer Mr Buckley says partnering with other businesses has allowed VeinTech to continue maturing its operations, particularly in the growing medical sector.
“Carbon Group came onboard as an early investor and we’re grateful to be able to form a relationship with other successful business owners who are an active part of the start-up community,” says Mr Buckley.
“They have also been able to help us with our business model and structuring, tax compliance and bookkeeping, allowing us to focus on doing what we do best – developing innovative medical technologies.”
“Carbon’s co-founder Jamie Davison loves what we are doing so much he joined our business as our chief financial officer, and it has been great having his expertise and advice to grow our business.”
VeinTech are in the final stages of wrapping up their Seed Round, but are always interested in connecting with other Australian businesses and investors who are interested in joining their mission of “making simple procedures simple”.
