Vitestro raises EUR 12 million in Series A financing round to bring the world's first autonomous blood drawing device to the EU market
Vitestro, developer of an autonomous blood drawing device, announces the completion of a EUR 12 million Series A financing round. California-based Sonder Capital led the funding round alongside existing investors and new private investors with experience in the clinical laboratory and MedTech industry.
The proceeds will be used to accelerate product development, prepare EU market authorization, and initiate production. Toon Overbeeke, CEO and co-founder of Vitestro says: "This financing round marks a new phase of growth for Vitestro which brings the company closer to its mission of improving the venipuncture procedure for hundreds of millions of patients per year. We look forward to growing the business and transforming patient care with Sonder Capital, leveraging their expertise in successfully commercializing medical robotic technologies."
Dr. Fred Moll, Managing Partner of Sonder Capital, has been appointed as non-executive board member of Vitestro. Dr. Moll has been called 'the father of medical robotics' after successfully co-founding Intuitive Surgical, Inc., Hansen Medical, Restoration Robotics, and Auris Health (acquired by J&J).
"Medical robotics will make optimal outcomes available to everyone. I strongly believe Vitestro will set the world standard in autonomous blood drawing," comments dr. Moll.
Blood drawing is performed billions of times per year worldwide. It holds a pivotal role in clinical diagnostics yet is impacted by shortage of skilled healthcare workers. "Automating this ubiquitous procedure is the next evolution for clinical laboratories, allowing them to improve quality of care for patients while building a more sustainable operation," says Andy McGibbon, Managing Partner of Sonder Capital.
Vitestro's device combines AI-based, ultrasound-guided 3D reconstruction with robotic needle insertion, ensuring accurate and secure blood collection. A prototype has been tested on more than 1,000 patients. Clinical studies will continue in 2023, with European market introduction anticipated in 2024.
Brian Joseph, co-founder and commercial director of Vitestro, says: "Sonder Capital has a track record of creating lasting value for patients and hospitals. Vitestro's long-term commitment to its customers will be supported by this partnership.