PERTH TO PROVIDENCE: Australian Company Sets Up Headquarters in RI as 1st Startup to Cross the "HealthTech Bridge" to US
After coming together though and winning the Perth Biodesign program in 2019, Australian Co-Founders Nikhilesh Bappoo PhD, Nicholas Buckley BSc & Dr Katherine Arenson FACEM set out to tackle a long-accepted but unacceptable pain-point in healthcare: the high failure rate of first-pass cannulations. By less than 4 years since incorporation, the founding team delivered working clinical prototypes with positive safety and performance data in healthy humans to accelerate towards early manufacturing, clinical translation and commercialization.
But how can it be that such a rampant phenomenon has gone widely unaddressed in the many decades since intravenous cannulation arose as a medical standard? The reality is that the practice is less of a perfect technique and more of a practiced art. Since the 1950’s, clinicians have used subjective judgement through landmark technique (visual and palpation) to estimate–to the best of their ability–the location, quality and suitability of veins to target with a needle for cannulation. Previous attempts at innovation have failed to reveal an effective, adoptable, and cost-efficient solution. VeinTech has managed to meet each of these criteria.
The problem is more than an inconvenience–its also a costly one. With 90% of all inpatients requiring an IV, yet with current first-pass failure rates at 40% (70% in DIVA/Difficult IntraVenous Access patients), and 1 Billion intravenous catheters placed annually; the phenomenon poses an estimated $2.6B problem on ER departments across the US. And what's more–80% of US healthcare institutions rate their nursing cannulation proficiency as “novice”, highlighting the need for improved training and easy-to-use cannulation assistance devices.
The VeinWise System: a world-first innovation enabling the visualization of vein pathways at depth, while being incredibly easy to use and highly accessible through portability and cost. This innovation conceptualized and developed by nursing and medical voices empowers any clinicians performing vascular access to provide the best care for their patient, whilst enabling peace of mind for the patient and efficiency for their organizations.
NEMIC: Building + Spanning a “HealthTech Bridge” from Australia to Rhode Island
In early 2024, NEMIC partnered with the Government of Western Australia and entered an MOU with Perth Biodesign, the intent being to create a reciprocal HealthTech relationship between Perth, Western Australia and Providence, Rhode Island that drives healthcare innovation, jobs, and the broader economy. VeinTech is first-through-the-gate following this signed MOU, and demonstrates the shared commitment to work together on joint initiatives; whilst also serving as a blueprint for success for future international emerging HealthTech companies seeking Rhode Island as a soft landing to set up US headquarters.
As they work towards their future milestones, VeinTech is currently seeking a ~$4M USD raise for use towards FDA clearance, expansion of clinical evidence, limited US market release and more. For more information on future Australian startups crossing the “HealthTech Bridge” to the US, or to learn more about US market opportunities, be sure to follow our newsletter and keep up to date on our NEMIC blog.
