Trice Medical, a King of Prussia life-sciences start-up, has closed a $19.3 million Series C financing round to build more market for its Mi-Eye2 orthopedics diagnostic device.
In all, Trice has raised $40.9 million since its founding five years ago, with Smith & Nephew, a publicly traded medical-technology business, as the most recent investor, taking a minority stake. Other investors in Trice have included Safeguard Scientifics, HealthQuest Capital, and BioStar Ventures, the company said Wednesday.
Approved by the U.S. Food and Drug Administration late last year, Mi-Eye2 is being used by nearly 100 physicians in 25 states. A disposable needle embedded with a wide-angle camera lens enables doctors to diagnose joint injuries in the office, thus making Mi-Eye2 a less-expensive and more efficient alternative to MRIs.