US-based orthopaedic diagnostics equipment developer Trice Medical completed a $19.3m series C round yesterday that included a strategic investment by medical device maker Smith & Nephew.
Existing backers including Safeguard Scientifics, HealthQuest Capital and BioStar Ventures also participated in the round, which increased Trice’s total funding to $40.9m, the company said.
Trice secured 510(K) clearance for its Mi-eye2 device, which uses a disposable needle equipped with a wide-angle camera lens to help physicians remotely diagnose injuries in a patient’s joints, from the US Food and Drug Administration in the fourth quarter of 2016.
Jeffrey O’Donnell, Sr, Trice Medical’s president and CEO, said: “This is a significant milestone for Trice Medical as we looking to expand our sales, marketing and commercialisation efforts and bolster our workforce.
“We are proud to add Smith & Nephew to our list of investors and look forward to being able to leverage their global experience as we roll out additional Mi-eye products in the future.”
HealthQuest Capital had previously led Trice’s series B round, which closed at $18.1m in early 2015 with contributions from Safeguard Scientifics and BioStar Ventures.