Veebot Systems

A Robotic Needle-Insertion System

Join CrowdabilityIQ to access our premium risk and value analysis for this deal.

Company Information

Website:

https://www.startengine.com/veebotsystems

Sector:

Medical Devices & Equipment

Location:

Opa Locka, FL

Veebot Systems has created an image-guided robotic needle-insertion system.

This system takes the guesswork out of one of the world’s most common medical procedures, using patented technology to eliminate painful failed needle sticks and enable healthcare providers to deliver the highest standard of care.

Between blood draws, IV insertions, and vaccine delivery, needle insertions happen more than one billion times a year. Needle insertion represents a fifty-billion-dollar sector within the healthcare industry.

Yet despite its commonality, it’s a difficult task for medical staff. Twenty-five percent of insertion attempts fail, either due to difficult patient anatomy or lack of experience of the person inserting the needle. Failed attempts result in bottlenecks at healthcare facilities and a poor patient experience.

Veebot Systems has created an alternative. Its system uses medical imaging, computer vision, and machine learning to autonomously identify target insertion sites. It then tracks these sites in real-time and robotically aligns a needle for insertion. The result is a less painful experience for patients and more successful one for healthcare workers.

Veebot Systems has been featured in Forbes, Bloomberg, Fast Company, TechCrunch, and FOX News.

The company has received four U.S. patents and one European patent covering its technology. And it has additional patents pending. A working prototype of its system successfully inserted IV needles in a variety of subjects with different body and skin types. Now the company is preparing to conduct a series of clinical trials.

Team Background

William Haugland - President & CEO

William has been with Veebot Systems since 2018.

Prior to taking over as CEO, he was the company’s Lead Computer Vision Engineer and worked on algorithms used to identify and track blood vessels in real-time.

Before joining the company, he earned his Master’s degree in Applied and Computational Mathematics from the University of Bergen and a Bachelor’s degree Biomedical Engineering from the University of Miami.

Richard Harris - Co-Founder & Treasurer

After graduating with a Bachelor’s degree in Mechanical Engineering from Princeton, and a Master’s degree in Mechanical Engineering from Stanford, Richard started as a systems engineer with Seaview Research, a pharmacology-testing company.

After Seaview was acquired, he founded American Standard Value, a business focused on swimming pool servicing. He sold this company in 2021.

Stuart Harris - Co-Founder

Stuart is a serial entrepreneur and investor.

He was an early investor in Vector Products, a designer of portable-power products that sold to Black and Decker in 2006. Additionally, he co-founded Pollo Tropical, a restaurant chain, that was acquired in the late 1990s.

For twenty-two years, he was President and Medical Director of Seaview Research, a pharmacology-testing company. He also worked briefly with the National Institutes of Health (NIH).

Stuart holds an M.D. and Ph.D. in Physiology and Pharmacology from Duke University.

Raising
$1.24 million
Committed
$21K (2%)
Current Valuation
$14 million
Min. Investment
$101
Deal Type
Title III
(For all investors)
Offering Type
Equity
Learn more on Start Engine