Venova Raises Funding for Clinical Studies of pAVF Technology

September 4, 2024—Venova Medical, Inc. announced the initial closing of a $30 million Series B funding round. The privately held company is developing a next-generation technology for the creation of percutaneous arteriovenous fistulas (pAVFs) for hemodialysis access.

The funding will be used to further develop the company’s technology and conduct clinical studies in the United States to support FDA approval of the Velocity pAVF system in patients with chronic kidney and end-stage renal disease.

According to Venova Medical, its Velocity pAVF system is designed to provide optimal and durable fistula flow to support maturation and clinical use for hemodialysis. The company noted that the percutaneous procedure can be performed in an office, surgery center, or outpatient hospital setting.

The company advised it is currently conducting the prospective, single-center, single-arm VENOS-1 clinical trial, which is evaluating the safety and feasibility of the Velocity system in patients on hemodialysis who are candidates for AVFs.

The company also announced the appointment of Darshana Zaveri, Managing Partner at Catalyst Health Ventures, to the company’s Board of Directors. Catalyst Health Ventures and a leading medical device company led the Series B funding round. ShangBay Capital, Mirae Asset Capital, KOFA Healthcare, Cadence Healthcare Ventures, Aphelion Capital, and other new and existing investors also participated in the funding round.