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AccuVein of Huntington gets $22.5M in financing

AccuVein AV300, si a vein illumination medical device

AccuVein AV300, si a vein illumination medical device for venipuncture. Photo Credit: Handout

AccuVein Inc., of Huntington, a maker of medical devices that illuminate veins beneath the skin, making them more visible to ease the insertion of needles and intravenous tubes, has gotten $22.5 million in funding from outside investors, the company said in a Thursday news release.

The investments are in the form of second-stage, or series B, financing meant to help AccuVein expand in the U.S. and internationally.

AccuVein makes "the world’s first hand-held, non-contact vein illumination device," the AV300, which is in use at more than 750 hospitals, it said.

The leading investors are MVM Life Science Partners and Bessemer Venture Partners. MVM has offices in London, U.K., and in Boston, Mass.; Bessemer is based in Larchmont, N.Y.

“AccuVein has developed a unique, innovative product with potential in multiple markets. We look forward to working with ...the team as they continue to expand their global footprint," Eric Bednarski, of MVM, said.

Bednarski and Christopher Gabrieli, of Bessemer Venture Partners, have joined the AccuVein board as part of the financing deal.

AccuVein said the AV300 device "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."

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