1315 Capital has led a growth investment in Velentium Medical, a medical device development and contract manufacturing company. Velentium designs, engineers, tests and builds powered wearable Class II and implantable Class III medical devices for device makers, covering product strategy, research, design, cybersecurity and manufacturing. The company is based in Richmond, Texas.
Founded in 2012, Velentium has grown from an engineering firm into a commercial manufacturer with a 50,000-square-foot plant. Existing investor Great Point Partners remains a significant shareholder and strategic partner alongside Philadelphia-based 1315 Capital, which manages more than $1 billion. The new capital will fund expanded commercial manufacturing, product development and regulatory capabilities, automation and other growth initiatives. Matt Hanks is chief executive.
