Startup News

VeinTech wins $493K Accelerating Commercialisation funding

Joyce Guan
Joyce Guan
VeinTech co-founders Nikhilesh Bappoo (left) and Nicholas Buckley. Image - Startup News
// // The funding will be used to commercialize its innovative vein finding technology...

After the recent announcement of 4 Accelerating Commercialisation (AC) grants to WA startups, comes another announcement this week of a $493,489 federal government grant to Leederville-based medtech startup VeinTech.

This matched funding will be used to continue its efforts to commercialize its innovative vein-finding technology. The product 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.

CEO Nicholas Buckley is thrilled with the funding 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.

Nicholas Buckley

Nikhilesh Bappoo, CTO, 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.”

VeinTech offices

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.

VeinTech first burst onto the startup scene in WA by winning Perth BioDesign in 2019, going on to win an Innovation Voucher from the state government in 2020 and the Medtech Actuator Origin pitch competition and the WA Innovator of the Year “Great for the State” prizes in 2021.

~~

Read more of the latest news from the startup ecosystem here

Share this post :

LinkedIn
Twitter
Facebook
WhatsApp
Reddit
Telegram
Our Sponsors
Joyce Guan

Joyce Guan

Latest News

Become a Startup Insider

Get the latest startup news, tips, and inspiration in your inbox each week.