Trice Medical Secures $18.3M Series C+ Funding to Advance World’s First Dynamic Imaging Platform for Orthopedic Diagnostics
VCBeat (WeChat ID: vcbeat) has learned that on January 14, U.S. orthopedic diagnostic equipment company Trice Medical secured an additional $18.3 million in Series C+ financing, following its $19.3 million Series C round completed in June 2017.
The Series C+ round was led by Charter Capital Partners and the Municipal Employees’ Retirement System (MERS) of Michigan, with participation from existing investors Safeguard Scientifics, HealthQuest Capital, BioStar Ventures, and Smith & Nephew.
Trice Medical is an orthopedic diagnostic equipment company focused on minimally invasive technologies. Founded in 2011 and headquartered in Pennsylvania, USA, the company is driven by its mission to “provide more direct and definitive patient care solutions, eliminate misdiagnoses associated with current indirect models, and significantly reduce overall healthcare system costs.” Its founding objective was to fundamentally improve minimally invasive orthopedic diagnostics by delivering immediate diagnostic results for both patients and physicians.
Trice Medical stated that the company plans to use this new funding to accelerate the development of its flagship products, Mi-eye 2 and Mi-ultra, and increase their market share.
Trice Medical’s flagship product, Mi-eye 2 (an upgraded version of Mi-eye), received FDA 510(k) clearance in 2016 and was launched in 2017. Upon its release, the product attracted significant attention from medical professionals seeking alternatives to MRI (Magnetic Resonance Imaging) technology.
Trice Medical has pioneered fully integrated medical imaging technology by combining its 15 MHz handheld ultrasound transducer (Mi-ultra) with Mi-eye technology, creating the world’s first dynamic imaging device, the Mi-eye 2. This product is a 2.2 mm handheld intra-articular endoscope consisting of a disposable needle embedded with a 120° wide-angle lens and a light source designed for use in physicians’ offices.
Under local anesthesia, the Mi-eye 2 is inserted into the patient’s injured joint, enabling physicians to obtain real-time diagnostic results, formulate treatment plans, and schedule immediate surgery, thereby enhancing clinical efficiency. Patients are spared the need for time-consuming and less precise magnetic resonance imaging (MRI) scans, which not only saves time spent queuing for examinations and awaiting results but also significantly reduces examination costs.
Image source: bresslergroup website
Currently, the company has expanded the application scope of Mi-eye 2. In addition to orthopedic diagnosis, the device can also be used for diagnostics in neurosurgery, obstetrics and gynecology, otolaryngology, and veterinary medicine.
Trice Medical’s other product, Mi-ultra, is a high-power 15 MHz handheld ultrasound transducer that was officially launched in October 2018. This product adopts the same platform technology as Mi-eye 2, namely the Mi-Tablet.
The Mi-ultra features both convex and linear array designs, optimized for musculoskeletal (MSK) applications. By integrating this technology into Trice Medical’s dynamic imaging devices, comprehensive MSK imaging can be provided immediately for orthopedic diagnostics. For orthopedic surgeons, this all-in-one portable orthopedic diagnostic device significantly simplifies the process of performing dynamic assessments on patients, as opposed to static evaluations such as MRI and X-rays.
“Mi-ultra is the first device to combine an MSK ultrasound system—with imaging quality and reliability sufficient for all diagnostic and surgical indications—with a tablet-based, single-use, in-office needle arthroscopy platform,” said Dr. Don Buford, founder of the Dallas PRP and Stem Cell Institute and a board-certified plastic surgeon. “Today, nearly every orthopedic clinician can use a portable tablet to visualize intra-articular and extra-articular anatomy, aiding both diagnosis and surgical procedures. This is a truly revolutionary point-of-care imaging device—and the only one of its kind currently available.”
“2019 was a transformative year for Trice Medical. We will expand our sales operations globally and launch several new products,” said Jeff O'Donnell Sr., CEO of Trice Medical.
“The Managing Partner of Charter Capital stated, ‘We have closely monitored Trice Medical’s development over the past five years. The company’s Mi-eye 2 holds a unique value proposition in the market. Physicians across China regard it as the preferred method for visualizing and diagnosing potential orthopedic injuries in an office-based setting.’”
VCBeat has learned that since its establishment in 2012, Trice Medical has undergone multiple rounds of financing:
In October 2012, Trice Medical raised $220,000 from unnamed investors, with neither the names nor the number of investors disclosed; in November 2013, Trice Medical secured $3 million in venture capital through BioStar Ventures.
In July 2014, Trice Medical completed a $11.6 million Series B financing round, led by Safeguard Scientifics with participation from existing investor BioStar Ventures. The company intends to use the funds to commercialize its products and enhance its marketing efforts.
In January 2015, Trice Medical secured $6.5 million in Series B+ financing, led by Safeguard Scientifics and HealthQuest Capital, with participation from BioStar Ventures. The funds were primarily allocated to the commercial marketing of Mi-eye, Trice Medical’s primary diagnostic arthroscopy product.
In June 2017, Trice Medical completed its Series C financing round, raising $19.3 million. The round was led by Safeguard Scientifics, with participation from HealthQuest Capital, BioStar Ventures, and Smith & Nephew. The funds were primarily allocated to accelerate the research and development, commercialization, and international regulatory approvals of Mi-eye 2, as well as to support the company’s expansion of its market share in the United States.
To date, Trice Medical has raised approximately $61 million in total funding. The continuous influx of new capital has propelled Trice Medical’s evolution from a startup into a well-established and competitive player in the field of orthopedic diagnostic equipment.
Charter Capital Partners, founded in 1989, is an investment banking firm serving the middle market. The company provides M&A advisory expertise in business sales and acquisitions, financing, business valuation, and succession planning.
Charter Capital Partners aims to provide business owners with exceptional investment banking services throughout the entire lifecycle of their businesses.
Safeguard Scientifics is a private equity firm founded in 1953 and headquartered in Pennsylvania, United States.
The company primarily provides funding and operational support to healthcare and technology companies in their growth stages. It is listed on the New York Stock Exchange under the ticker symbol SFE.
HealthQuest Capital is a growth-oriented private equity firm headquartered in California, USA. The company invests in growth-stage companies across the healthcare industry, including sectors such as medical devices, biopharmaceuticals, healthcare services, and healthcare IT.
BioStar Ventures is a venture capital firm founded by Louis Cannon in 2003, headquartered in Michigan, USA.
The company primarily provides private equity investment services and medical device technical services to companies in the medical device technology services industry, particularly in the cardiovascular and orthopedic fields.
Smith & Nephew is a company that manufactures orthopedic and sports medicine products. Founded in 1856, it is headquartered in London, United Kingdom. Smith & Nephew operates three business segments worldwide: Orthopaedics Reconstruction & Trauma, Endoscopy, and Wound Management, which collectively offer more than 1,000 product series to the market.
Smith & Nephew currently operates in 32 countries, with annual sales reaching $3.4 billion. The company’s global market presence continues to expand, and it plans to broaden its business portfolio and enter additional markets in the future.