Case Study: VeinTech

About VeinTech

After coming together through and winning the Perth Biodesign program in 2019, Nick Buckley (Physiotherapist), Nikhilesh Bappoo (Biomedical Engineer) and Dr. Katherine Arenson (Emergency Physician) have been pushing forward with their award-winning design concept, the VeinWave.

Cannulation is a common medical procedure where a small, flexible plastic tube is inserted into a vein (with needle guidance) for the delivery of medication, fluid and to draw blood for tests. Since its introduction in the 1950s, the average insertion failure rate is estimated at 40 per cent, and up to 70 per cent in individuals with difficult vein access such as children, chemotherapy and obese patients. Each failed attempt costs up to $20, with an increased workload for clinicians and negative outcomes and pain for patients.

VeinTech’s solution is the VeinWave – a handheld unit specifically designed to assist with visualising veins to cannulate.

The problem

In the early days, the team at VeinTech really struggled with these two key issues:

1. No one came from a finance or accounting background and therefore didn’t have the necessary business skills needed to successfully run their business.
2. Their attention was spent on matters such as issuing shares and sorting taxes and insurance, meaning they weren’t focusing on what they were most passionate about – their product.

How Carbon helped

Carbon was introduced to VeinTech through Perth Angels, a community of investors who provide capital, mentoring, networks and support to newly established businesses and entrepreneurs. Carbon is a Silver Sponsor which supports the next generation of local entrepreneurs.

“First and foremost, Carbon Group’s Co-Founder Jamie Davison, joined VeinTech as our Chief Financial Officer (CFO). The use of this Carbon service has made all the difference in successfully managing and closing our recent Seed Funding. ” Nick Buckley, Co-Founder, Director and CEO, VeinTech.

Through our CFO services, we’ve been able to help in a range of pivotal areas such as:

• Company secretarial (paperwork and ASIC)
• Subscription agreements
• Issuing new shares
• Issuing/converting SAFE notes
• Share transfers
• Setting and managing ESOP
• Cap table management
• Facilitate deal rooms for future raises
• Assist with pitch decks
• Introduce networks for potential investment
• Prepare cash flow and waterfall budget
• Prepare financial modelling
• Prepare budgets and budget vs actuals variance
• Present financials to the board
• Coordinate tax returns
• Approval/oversight of weekly AP payments
• Lead on legal and documentation, insurance, funding requirements and R&D.

As a multi-service firm, Carbon has also been able to help VeinTech with a broad range of key business needs.

• Payroll: Set VeinTech up on Xero and take care of all their payroll, Instalment activity statement (IAS) and superannuation responsibilities.
• Accounting & Tax: Prepare their financial statements and income tax returns.
• R&D and Grants: Assisting with doing both last FY’s claim and collecting the appropriate data to support future claims.
• Insurance Brokers: Played an integral role in getting the appropriate insurance policies in place.

“Since Carbon came on board, a lot of the previously tedious and labour-intensive, error-prone processes (payroll, taxes, equity management etc) have become automated and much easier to manage. We also have peace of mind knowing that when we need help, Carbon will be there for whatever we need.” Nick Buckley, Co-Founder, Director and CEO, VeinTech.

Carbon Services

Carbon Bookkeeping & CFO Services:

• Virtual CFO Services
• Bookkeeping and general administration
• Xero set up and payroll

Carbon Accounting & Tax:

• Financial statements
• Income tax returns
• Tax compliance

Insurance Brokers:

• Put in place the correct business insurance premiums

R&D and Grants:

• Last FY’s claim
• Collecting data to support future claims

The all-in-one service you need

Whether you’re about to launch your business, or have done so recently, your passion lies in driving it forward. At this stage, getting great financial guidance from people who understand your situation because they’ve been there themselves is exciting.

Most entrepreneurs feel overwhelmed by the volume of things they need to organise during the start-up phase of a new business, especially if you’re not trained in or aware of these things. You don’t know what you don’t know!

Carbon Group is the single destination for business owners to access the core services you need to grow your business, increase profitability, minimise tax, and ultimately: Succeed.

Get in touch with our experts today.