Trice Medical said today that it added more than $18 million to the $19 million Series C round it closed back in 2017.
Malvern, Pa.-based Trice, which makes the Mi-eye 2 and Mi-ultra orthopedic diagnostic devices, first closed its $19.3 million C round in June 2017. That tranche was led by Smith & Nephew (NYSE:SNN) and included Safeguard Scientifics (NYSE:SFE), HealthQuest Capital, BioStar Ventures and other unnamed returning investors; at that time the company reported raising a total of $40.9 million.
The $18.3 million extension announced today was led by Charter Capital Partners and the Municipal Employees’ Retirement System of Michigan, joined by returning backers Safeguard, HealthQuest Capital, BioStar and Smith & Nephew.
Trice said it plans to use the latest proceeds to expand the commercialization footprint for Mi-eye 2 and Mi-ultra devices and to accelerate its development pipeline.
“2019 is a transformational year for Trice Medical. We will expand our sales efforts worldwide, launch several new products and announce the performance of large multinational partnerships,” CEO Jeff O’Donnell Sr. said in prepared remarks. “We thank all of our investors, customers and employees for the support in this quest to continue to build the value of Trice Medical.”
“We have been tracking Trice’s progress for almost five years and are pleased to make this investment at this point in the Company’s growth. Trice has a unique value proposition in the market with its Mi-eye 2 platform and we see physicians from all over the country embracing the mi-eye as the preferred way to visualize potential orthopedic injuries in an office setting,” added Charter Capital managing partner John Kerschen.
“In an effort to address the growing need for accurate, cost-effective orthopedic diagnostic solutions, Trice developed Mi-eye, the world’s first fully disposable arthroscopy camera. Last quarter we added the Mi-ultra, a 15-MHz handheld ultrasound transducer, which works on the same simple, portable platform. There is so much more to come from Trice as we deliver future innovation to advance the field of minimally invasive orthopedics across the globe,” president & CEO Mark Foster said.