I'm sorry but I thought 'vanilla pee' :/ At the same time I kind of wanted to say VAN-eh-lope (three syllables) and then it reminded me of antelopes. It seems to be a combination of Vanessa and Penelope? I dislike those two names already and the combination is worse. Renesmee also came to mind...
The first element is derived from the word vanilla, so it's a combination of vanilla and Penelope. If you've seen Wreck-it Ralph, you'd probably remember that Vanellope was from a racing game that had a candy theme.