RCT Ventures, the corporate venturing arm of life sciences company Research Corporation Technologies, has invested in a $6.8m series C round raised by US-based medical device developer Providence Medical Technology.
The round was led by Stanmore Medical Investments, an early-stage investor in medical device companies, and also featured venture capital firm Aphelion Capital. Providence has not revealed details of any previous funding rounds.
The company is targeting the cervical spine market and its lead product is the DTRAX Cervical Cage, an implant and delivery system for cervical fusion procedures for which the company began surgeon training in the US in November 2013.
“This round of growth capital comes at an exciting time for Providence Medical Technology,” said Providence CEO Jeff Smith. “Our US launch is underway, and the surgeon acceptance of indirect decompression and fusion among surgeons who treat cervical radiculopathy has been extremely encouraging. With this investment to support execution of our business plan, we look forward to building a differentiated franchise.”