West Leederville medtech company VeinTech is set to expand its footprint in the United States after being awarded more than $1 million in funding.
West Leederville medtech company VeinTech is set to expand its footprint in the United States after being awarded more than $1 million in funding.
VeinTech today announced that it was awarded a grant of $US750,000, or $1.2 million, by the Rhode Island Life Science Hub.
With the funding, VeinTech will expand by establishing its first US office in Rhode Island, accelerating its Food & Drug Administration pathway, planning a limited market release, and a scale-up of its manufacturing.
The company’s flagship product is VeinWise, a portable imaging device to identify the correct vein for IV insertions.
VeinTech chief executive and co-founder Nikhilesh Bappoo said being selected for the funding grant validated the company’s technology and global scalability.
“This non-dilutive capital gives us strategic runway to execute critical milestones while preserving value for investors—something few early-stage companies can offer in the current climate,” he said.
In its announcement, VeinTech said it was in the final stages of closing its next round of funding, being $2.5 million.
“We are very excited to have VeinTech join our growing Life Science community here in Rhode Island,” RI Life Science Hub president Mark Turco said.
“We look forward to a strong partnership with the VeinTech team and collaborating to accelerate their Innovative technology allowing patients and communities in the US to benefit from this novel medical device.”
VeinTech has raised more than $US4 million, the company said in its announcement.
“In the face of global trade uncertainty and rising import tariffs, this investment allows VeinTech to secure US-based production, avoid tariff barriers, and deepen integration with American hospital networks,” the company said.
“This grant significantly de-risks the opportunity, offering investors rare alignment of non-dilutive funding, regulatory momentum, and early-stage international traction.”
The company will also be conducting pilot studies in US hospitals and ramping up production.
