US-based medical equipment developer Trice Medical has completed an $18.3m extension to a series C round backed by medical device maker Smith & Nephew that now totals $37.6m.
The extension was co-led by investment bank Charter Capital Partners and pension fund Municipal Employees’ Retirement System.
The company had raised $19.3m in a mid-2017 first tranche that included commitments from Smith & Nephew, Safeguard Scientifics, HealthQuest Capital and BioStar Ventures.
Founded in 2012, Trice has developed a minimally invasive device called Mi-eye 2 that combines a camera with a surgical needle to enable physicians to examine a patient’s joints using a computer tablet.
In addition to Mi-eye 2, the company has also developed a range of lightweight, handheld and portable ultrasound systems under the Mi-ultra brand. It will use the series C capital to fund the worldwide commercialisation of its devices and develop its product portfolio.
Jeff O’Donnell, chief executive of Trice Medical, said: “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.”
HealthQuest led the company’s $18.1m series B round in 2015, investing together with Safeguard Scientifics and BioStar Ventures. It had raised $2.1m from unnamed investors in 2012, and a further $8m in debt financing in rounds across 2013 and 2016 according to securities filings and press reports.