INVEST IN VEEBOT SYSTEMS TODAY!
Hands-Free, Accurate Needle Insertion
$67,099.65 Raised
REASONS TO INVEST
Industry Need: Veebot Systems is pioneering an automated solution to IV needle insertion, a gateway medical procedure performed over 1 billion times every year. While this procedure happens in virtually every medical facility, it is traditionally difficult for medical staff and costly for medical facilities, with ¼ attempts failing.*
Breakthrough Patented Technology & Working Prototype: We hold 4 U.S. and 1 European patent for our robotic needle insertion technology, with additional patents pending. Our working prototype has successfully obtained IV access on a wide array of subjects with different body and skin types, including traditionally difficult profiles for needle insertion. We are currently preparing to conduct a series of clinical trials.
Huge Market Potential: Our image-guided needle insertion system has many different applications in the healthcare space, from blood draw to IV insertion, catheter placement, vaccine delivery, and biopsies – creating an enormous opportunity for our company to provide value to the healthcare industry.
Overview
Re-inventing Needle Insertion
*This product is still currently under development and is not yet available on the market.
Veebot Systems’ working prototype combines medical imaging and robotics to eliminate the guesswork from needle insertion procedures. Our system aims to reduce failed needle insertion attempts – even in patients with traditionally low success rates –to improve patient comfort and access to treatment and facilitate diagnostics and care both inside and outside of traditional medical facilities.
The Problem & Our solution
Failed Needle Insertion Attempts:
One of Healthcare's Most Overlooked Problems
Over 1 billion attempts to gain intravenous access are performed each year, making them among the most common invasive medical procedures in the world. These procedures are traditionally challenging, with 1 out of every 4 attempts failing due to a combination of difficult patient anatomy and the experience of the person inserting the needle. Failed attempts result in bottlenecks at healthcare facilities and poor patient experience, creating a genuine need to improve the existing standard of care.
*This product is still currently under development and is not yet available on the market.
Veebot Systems aims to revolutionize needle insertion by introducing image guidance and robotic precision into every attempt. Our system uses state of the art medical imaging, computer vision, and machine learning to automatically identify target insertion sites, track them in real-time, and robotically align and insert a needle into a selected target. Our technology has shown overwhelming promise on a wide array of subjects, from overweight men to petite women across all skin complexions and body types.
the market & Our Traction
Groundbreaking Technology for
Needle Insertion
We estimate the total addressable global market for peripheral needle insertion to be approximately $50 billion – comprised of consumables including needles, IVs, tubes, etc. – (29%) and labor (71%). We believe our system is equipped to impact this market by changing the way needle insertion is performed.
Veebot has developed a working prototype that has successfully gained venous access on males and females with different skin colors and body types. We currently hold 4 U.S. and 1 European patent focused on this technology and have several applications pending. We are currently applying for an Investigational Device Exemption from the FDA to begin clinical trials that demonstrate the feasibility, safety, and efficacy of our system.
Our mission is to revolutionize needle insertion, led by our passionate founding team of engineers and a physician-entrepreneur and supported by an advisory group of physicians with backgrounds in anesthesiology, acute care, dialysis, and vascular surgery.
Why Invest
The Future of Needle Insertion:
Image-Guided, Robotic Precision
*This product is still currently under development and is not yet available on the market.
Needle insertion is a gateway medical procedure and an essential part of healthcare, used millions of times every day to facilitate patient diagnosis and treatment. Because these procedure fail so often – causing pain for patients and stress and delays for healthcare facilities – we believe that our hands-free needle insertion technology has the potential to impact multiple sectors of the healthcare market. From blood draw, to IV insertion, to dialysis catheter insertion, to vaccinations and biopsies – our technology can be used in both traditional medical facilities like hospitals, doctor's offices, and blood labs, as well as non-traditional facilities such as pharmacies, military bases, and home care.
At Veebot Systems, our goal is to provide a better patient experience and eliminate bottlenecks in the healthcare system caused by failed needle insertion attempts. With an estimated $50 billion annual market opportunity and billions of procedures done each year, our patented technology stands to benefit from creating a better standard of care in needle insertion.
ABOUT
HEADQUARTERS
13113 NW 42nd Ave
Opa Locka, FL 33054
WEBSITE
View Site
Veebot Systems has developed an autonomous, image-guided robotic needle insertion system to revolutionize vascular access–taking the guesswork out of one of the world’s most common medical procedures. Our patented technology is designed to eliminate painful failed needle sticks and enable healthcare providers to deliver the highest standard of care – from blood draws to IV catheter insertion to vaccine delivery – we believe the future of needle insertion is here.
TEAM
William Haugland
Chief Executive Officer, President
Richard Harris
Co-founder, Treasurer, Board Member
Stuart Harris
Co-founder, Board Member, Secretary
TERMS
Veebot Systems
Overview
PRICE PER SHARE
$3.18
DEADLINE
Apr 11, 2023
VALUATION
$13.99M
FUNDING GOAL
$10k - $1.23M
Breakdown
MIN INVESTMENT
$101.76
MAX INVESTMENT
$1,234,997.52
MIN NUMBER OF SHARES OFFERED
3,144
MAX NUMBER OF SHARES OFFERED
388,364
OFFERING TYPE
Equity
ASSET TYPE
Common Stock
SHARES OFFERED
Common Stock
Maximum Number of Shares Offered subject to adjustment for bonus shares
*Maximum number of shares offered subject to adjustment for bonus shares. See Bonus info below.
Voting Rights of Securities Sold in this Offering
Voting Proxy. Each Subscriber shall appoint the Chief Executive Officer of the Company (the “CEO”), or his or her successor, as the Subscriber’s true and lawful proxy and attorney, with the power to act alone and with full power of substitution, to, consistent with this instrument and on behalf of the Subscriber, (i) vote all Securities, (ii) give and receive notices and communications, (iii) execute any instrument or document that the CEO determines is necessary or appropriate in the exercise of its authority under this instrument, and (iv) take all actions necessary or appropriate in the judgment of the CEO for the accomplishment of the foregoing. The proxy and power granted by the Subscriber pursuant to this Section are coupled with an interest. Such proxy and power will be irrevocable. The proxy and power, so long as the Subscriber is an individual, will survive the death, incompetency and disability of the Subscriber and, so long as the Subscriber is an entity, will survive the merger or reorganization of the Subscriber or any other entity holding the Securities. However, the Proxy will terminate upon the closing of a firm-commitment underwritten public offering pursuant to an effective registration statement under the Securities Act of 1933 covering the offer and sale of Common Stock or the effectiveness of a registration statement under the Securities Exchange Act of 1934 covering the Common Stock.
Time-Based Perks
Friends and Family - First 72 hours | 15% bonus shares
Super Early Bird - Next 72 hours | 10% bonus shares
Early Bird Bonus - Next 7 days | 5% bonus shares
Volume-Based Perks
Tier 1 Perk — Invest $1000+ and receive 1% bonus shares
Tier 2 Perk — Invest $5,000+ and receive 2% bonus shares
Tier 3 Perk — Invest $10,000+ and receive 5% bonus shares
Tier 4 Perk — Invest $25,000+ and receive 10% bonus shares
Tier 5 Perk — Invest $50,000+ and receive 15% bonus shares
*In order to receive perks from an investment, one must submit a single investment in the same offering that meets the minimum perk requirement. Bonus shares from perks will not be granted if an investor submits multiple investments that, when combined, meet the perk requirement. All perks occur when the offering is completed.
The 10% StartEngine Owners' Bonus
Veebot Systems will offer 10% additional bonus shares for all investments that are committed by investors that are eligible for the StartEngine Crowdfunding Inc. OWNer's bonus.
This means eligible StartEngine shareholders will receive a 10% bonus for any shares they purchase in this offering. For example, if you buy 100 shares of Common Stock at $3.18 / share, you will receive 110 shares of Common Stock, meaning you'll own 110 shares for $318. Fractional shares will not be distributed and share bonuses will be determined by rounding down to the nearest whole share.
This 10% Bonus is only valid during the investors eligibility period. Investors eligible for this bonus will also have priority if they are on a waitlist to invest and the company surpasses its maximum funding goal. They will have the first opportunity to invest should room in the offering become available if prior investments are canceled or fail.
Investors will receive the highest single bonus they are eligible for among the bonuses based on the amount invested and time of offering elapsed (if any). Eligible investors will also receive the Owner’s Bonus in addition to the aforementioned bonus.
Irregular Use of Proceeds
The Company will not incur any irregular use of proceeds.
ALL UPDATES
06.02.23
We are terminating our offering
We want to thank all our investors for their incredible support during our crowd funding offering! Unfortunately, we have decided to move forward with terminating our offering. Stay tuned for an email from StartEngine which will provide more information on the cancellation and expected refunds. To stay up to date with all things related to Veebot Systems please check our website.
03.13.23
Campaign Extension
We are pleased to be extending our campaign by 30 days. If you’ve already invested, thank you for your support! StartEngine will be sending an email asking you to confirm your investment.Please be sure to confirm it!
We are excited to share some updates on the progress we’ve made since launching our campaign, which include:
1. Completing another round of internal precision testing in which our system reliably obtained access on a 2mm phantom vessel with a 100% success rate
2. Completing system modifications suggested by FDA
3. Updating our clinical trial protocol based on feedback from the Internal Review Board
4. Incorporating 4 new software features to enhance system safety
5. Adding 2 new features that provide the operator with robust capability to obtain vascular access on any vessel visible to the operator in the ultrasound image
6. Completing a first round of internal verification testing and correcting
7 minor software deviations and 1 minor hardware deviation7. Beginning a second round of internal verification and validation testing, scheduled to be completed by March 31
8. Remaining on track to submit a new patent application by end of March 2023
9. Holding several conversations with a leading pharmaceutical company during which we presented our system and discussed a potential collaboration opportunity
10. Demoing our device to an executive of a major metropolitan hospital, who is working with his team to identify the needle-based procedures that our system can add the most value to
We are very appreciative of your interest and support thus far. We look forward to providing another update on our progress towards the end of the month!
Stack Owner's Bonus & Rewards!
Members get an extra 10% shares in addition to rewards below!
REWARDS
JOIN THE DISCUSSION
0/2500
William Haugland
3 months ago
We are pleased to be extending our campaign by 30 days. If you’ve already invested, thank you for your support! StartEngine will be sending an email asking you to confirm your investment.
Please be sure to confirm it!
We are excited to share some updates on the progress we’ve made since launching our campaign, which include:
1. Completing another round of internal precision testing in which our system reliably obtained access on a 2mm phantom vessel with a 100% success rate
2. Completing system modifications suggested by FDA
3. Updating our clinical trial protocol based on feedback from the Internal Review Board
4. Incorporating 4 new software features to enhance system safety
5. Adding 2 new features that provide the operator with robust capability to obtain vascular access on any vessel visible to the operator in the ultrasound image
6. Completing a first round of internal verification testing and correcting 7 minor software deviations and 1 minor hardware deviation
7. Beginning a second round of internal verification and validation testing, scheduled to be completed by March 31
8. Remaining on track to submit a new patent application by end of March 2023
9. Holding several conversations with a leading pharmaceutical company during which we presented our system and discussed a potential collaboration opportunity
10. Demoing our device to an executive of a major metropolitan hospital, who is working with his team to identify the needle-based procedures that our system can add the most value to
We are very appreciative of your interest and support thus far. We look forward to providing another update on our progress towards the end of the month!
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Larry Martinez
4 months ago
Hello Veebot team, I am a phlebotomist and have been for 7 years now, I would love to invest in your new tech but I have a few concerns.
1. Burn victims as we know have scarring and have very difficult veins too find. How does this device instill confidence against our veins finders which are hand held.
2. Same question towards ex-addicts who have ruined all their arm veins and in some cases IVs need to be put in the foot.
3. What type of personnel would need to operate this system. Because every department in a hospital or clinic need to be certified in their profession.
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todd taylor
4 months ago
Dear William,
First of all, thanks for your feedback.
Being inside the labs, we all know that a robotic arm costs a lot of money as we have made studies to implement them on the analytical chains and it costs !
Finding a precise robotic arm for less than $15K looks impressive on paper (and almost impossible...) and here you told us that the overall device will cost $15K, How can you do that ?
On top of it, what will be the cost of your single use pack for each patient ?
Lastly, when do you plan to have a new video in order for us to take our final investment decision.
Best regards,
Todd
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todd taylor
5 months ago
Dear William,
You said in one of your comments that the Veebot prototype have several improvement since 2013. Unfortunately on the video we do not see any kind of improvement.
Do you have updated video to show to the public ?
I would like to better understand your price positioning as such technology should cost a lot to healthcare institute, could you give more information on this subject ?
Also I found a company called "Puncture robotics" from Harbin group in China that looks to have access to your patent, could you specify this information ? Are they related to Veebot team ?
Thanks in advance for your update on this subject,
Kind Regards
Todd
1
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David Schrift
5 months ago
Thanks for the reply, William. A followup. Is your system portable or is it stationary requiring patients to come to a central location ?
David
1
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David Schrift
5 months ago
Hi,
I noticed your product/company has been in development since 2012/2013 and touted a 83% success rate back then. 10 years later (today) the success rate is the same and clinical trials have not started. What happened between 2012 and 2022 and why will the next 10 years be any different than the last 10? Also, what market insight do you have into potential customers? Most hospitals have vascular access teams and since your device still requires a tech I am not sure it is going to reduce costs?? Sure, fewer needle sticks and higher patient satisfaction I can see but how much would a customer (hospital) be willing to spend for that??
Thanks in advance for answering my questions
David
1
0
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