AccuVein announces $22.5M Series B financing

AccuVein Inc., a global leader in medical imaging technology and the creator of the AV300, the world's first hand-held, non-contact vein illumination device, announced today that it has secured $22.5 million in a Series B financing. The company is expected to use the growth capital to continue its expansion into untapped markets and to enhance its focus on global customers.

MVM Life Science Partners and Bessemer Venture Partners led the financing round. Current investors also participated. In connection with the financing, Eric Bednarski of MVM Life Science Partners and Christopher Gabrieli of Bessemer Venture Partners have joined the AccuVein board. Aquilo Partners, L.P., a life science investment bank, acted as the exclusive placement agent for the financing.

"We are impressed by AccuVein's proprietary technology and commercial execution and are excited to work with the company to improve patient care by making vein illumination broadly available to patients and clinicians," said Dr. Bednarski, partner at MVM.

Christopher Gabrieli, partner at Bessemer, added, "AccuVein has developed a unique, innovative product with potential in multiple markets. We look forward to working with Ron and the team as they continue to expand their global footprint."

"We are very fortunate to be partnering with proven investors that fully support our efforts to continue to make vein illumination part of the industry standard of care," said Ron Goldman, AccuVein CEO, "They clearly recognize the vast potential and future medical imaging applications of our technology and intellectual property."

AccuVein's industry-leading and award-winning AccuVein AV300 vein illumination solution is in use at more than 750 U.S. hospitals and available for sale in 63 countries. The AV300 has been shown to improve peripheral vascular access for IV infusion by projecting a safe pattern of light on patient's skin that reveals the position of underlying veins.

Venipuncture is the most common invasive medical procedure worldwide with an estimated 2.7 million procedures conducted every day in the United States alone. Studies show that up to one third of these attempts to access a vein fail the first time, creating unnecessary patient discomfort as well as additional costs.

The AccuVein AV300 has received high praise from doctors, nurses, hospital administrators, patients and families for saving time and money and for improving patient care. The technology has also received numerous awards and widespread recognition from within the health care sector, including the top "gold" prize in the prestigious MDEA design competition as well as the 2011 Frost & Sullivan New Product Innovation Award.