Velentium

Overview

Velentium is a professional engineering firm specializing in the design, development, and manufacture of therapeutic and diagnostic active medical devices. Established in 2012 by David Schechter, Nathan White, and Chad Herremans, the company is headquartered in Houston, Texas. Velentium is known for its comprehensive approach to medical device engineering, encompassing cybersecurity, software development, and usability. As of now, Velentium continues to advance in the medical technology sector, having secured funding and partnerships to support its growth and innovation initiatives.

Recent Developments

• July 2024: Velentium raised $15 million in debt from Trinity Capital to enhance its capabilities as a Contract Development and Manufacturing Organization (CDMO) for medical devices. This financial boost is expected to drive Velentium's revenue beyond $25 million annually, strengthening its position in the high-risk medical device market.
• August 2023: Velentium was listed on Inc. 5000 for the fourth consecutive year, underscoring its status as one of America's fastest-growing private companies. The recognition highlights the company's continued expansion in the global medical device industry.
• February 2023: Velentium sold its oil and gas division to ADV Integrity, sharpening its focus on medical devices. This strategic move is aligned with Velentium’s goal to dedicate resources entirely to the medical technology sector.
• April 2023: The company launched three online cybersecurity courses targeted at medical device developers. These courses, based on the popular engineering textbook "Medical Device Cybersecurity for Engineers and Manufacturers," emphasize the importance of cybersecurity in medical device design and development.
• October 2022: Velentium appointed a new Chief Financial Officer, reflecting its commitment to strengthening its financial leadership and support for its core business in medical technology.
• 2023 Presentations: Velentium has been active in industry events, with senior engineers like Chester Burress participating in panel discussions and presentations at events like Greenlight Guru's True Quality Roadshow and Compamed + Medica, showcasing the company's expertise in MedTech.

Company Information

Attribute	Information
Founding Date	2012
Headquarters	Houston, Texas, USA
Founders	David Schechter, Nathan White, Chad Herremans
Revenue	Over $25 million (as of 2024)
Profits	Not publicly disclosed
Key Investors	Great Point Partners, Trinity Capital
Industry	Medical Devices
Number of Employees	Over 100 (as of 2021)

Early History

Velentium was founded in 2012 by David Schechter, Nathan White, and Chad Herremans, who shared a vision of creating a leading engineering firm focused on innovative medical devices. The founders had a background in engineering and a shared expertise in advanced medical technologies. Early in its operations, Velentium concentrated on developing neuromodulation devices, which enabled them to establish a strong foothold in the medical device sector. By emphasizing user-centered design and regulatory compliance, Velentium quickly grew its client base, ranging from ambitious startups to well-established Fortune 500 companies. The company’s commitment to quality and innovation helped it earn industry recognition early on, setting the stage for rapid expansion.

Company Profile and Achievements

Velentium operates as a full-service CDMO, specializing in Class II and Class III medical devices, which are often complex and require high safety standards. Key achievements include:

1. Expansion into Cybersecurity: Recognized for its cybersecurity capabilities, Velentium offers robust solutions to ensure the security of medical devices, crucial for compliance with regulatory standards.
2. Innovative Design Approach: By integrating Human Factors Engineering into its design process, Velentium ensures that devices are not only technically sound but also user-friendly.
3. Industry Partnerships: The company collaborates with leading firms and institutions to drive advancements in medical technology, including strategic partnerships for global expansion and expertise sharing.
4. Diversity in Services: Beyond medical devices, Velentium offers end-to-end solutions, including product development, manufacturing, and postmarket activities.
5. Recognition and Awards: Consistent presence on the Inc. 5000 list, illustrating impressive growth and sustained industry impact.

Current Operations and Market Position

Currently, Velentium stands as a leader in the medical device engineering sector, providing both startups and established companies with comprehensive design and manufacturing solutions. Its strategic focus on cybersecurity and user-centric design gives it a competitive edge in a market that increasingly demands secure and efficient solutions. Velentium continues to leverage its partnerships and funding to explore new market opportunities while maintaining its commitment to innovation and quality.

Conclusion

Velentium exemplifies a forward-thinking engineering firm that combines technical prowess with strategic operational focus. As it navigates the evolving landscape of medical technology, the company's dedication to cybersecurity and user-friendly design positions it for continued success. With recent financial backing and strategic realignment towards medical devices, Velentium is poised to enhance its impact on healthcare technology, offering pioneering solutions that cater to both clinical needs and technological advancements.