HOUSTON, TX and GREENWICH, CT (September 29, 2021) – Velentium – a professional engineering firm that specializes in the design and manufacturing of therapeutic and diagnostic active medical devices for companies ranging from startups to Fortune 100s – today announced a growth recapitalization in partnership with Connecticut-based Great Point Partners (GPP), a leading health care investment firm. GPP’s investment will allow Velentium to scale national operations and fuel emerging opportunities as part of its global expansion and mission to develop life-changing technologies.
Since Velentium was founded in 2012, the company has become a trusted design and development firm bringing new medical devices to life, while simultaneously expanding its competencies in the energy and manufacturing sectors. By prudently cultivating a culture of independent thinking, the company has assembled an adept and agile team committed to achieving projects when the science is “near impossible”. After evaluating existing market opportunities, the engineering firm selected GPP in part based on its extensive experience in the healthcare industry, expansive professional network, and most importantly, its support of Velentium’s vision to change lives for a better world.
“When Great Point reached out to us earlier this year, we were immediately impressed with their deep knowledge of our market and track record building businesses,” said Dan Purvis, CEO of Velentium. “We continue to build an organization that improves the lives of people and families by helping to bring transformative medical devices to market, and Great Point is uniquely positioned to enable us to do that at an even larger scale. Today, we are starting a new chapter and taking a crucial step in realizing our dream of having 1,000 families as part of our organization.”
Tim Carroll, Velentium’s President and COO, added, “It was important to Dan and me to find a partner that recognized the non-negotiable need to preserve the quality of the work that we do and the culture we’ve built while we continue to grow. Great Point understands and shares our values, and we’re excited about what we can achieve together.”
With GPP’s investment, Velentium is equipped to augment its end-to-end solutions and its nearshore and offshore manufacturing capabilities. Climbing from No. 2500 to No. 1424 on the 2021 Inc. 5000 list and surpassing 100 staff members, Velentium is honoring its promise to provide long-term, whole-systems perspective from the top minds in the industry.
“Velentium has played a pivotal role in the development of groundbreaking neuromodulation devices that have led to important medical technology advancements,” said GPP Managing Director Adam Dolder. “We look forward to being partners with Dan, Tim and the entire team and helping them to achieve their goals for the company.”
Eddie Hjerpe, Senior Vice President at GPP commented, “Velentium has grown at an impressive CAGR of over 40% since inception, and GPP looks forward to helping accelerate their growth even further with tuck-in acquisitions and adding additional engineering and manufacturing services.”
In 2020, Velentium scaled operations and rose to the national stage in the fight against COVID-19 as part of “Project V” at General Motors’ Kokomo, Indiana, manufacturing facility. Several months later, Velentium acquired Oasis Testing – a Texas-based designer of automated test systems for the energy and manufacturing industries – enhancing the firm’s results-focused business strategy.
Headquartered in Houston, Texas with operations globally, Velentium is a professional engineering firm that specializes in the design and manufacturing of therapeutic and diagnostic active medical devices for Fortune 100 companies and startups. The company offers world-class expertise in software, usability, cybersecurity, electrical and mechanical development for medical equipment. Velentium transforms IP into safe and secure products that will support healthcare professionals, patients and communities, and ultimately, change lives for a better world. For more information, visit www.velentium.com.
About Great Point Partners
Great Point Partners, founded in 2003 and based in Greenwich, CT, is a leading health care investment firm with 28 professionals, investing in the United States, Canada, and Western Europe. GPP is currently making new private equity investments from GPP III, which has $307 million of committed capital. Great Point manages capital in private (GPP I, $156 million and GPP II, $215 million of committed capital, and GPP III, $307 million) and public equity funds. Great Point Partners has provided growth equity, growth recapitalization, and management buyout financing to more than 200 growing health care companies. The private equity funds invest across all sectors of the health care industry with a particular emphasis on biopharmaceutical services and supplies, pharmaceutical infrastructure, alternate site care, medical device and information technology enabled businesses. The firm pursues a proactive and proprietary approach to sourcing investments and tuck-in acquisitions for its portfolio companies. Reach Great Point at 203-971-3300 or www.gppfunds.com.