Trice Medical Secures $19.3M Series C Funding to Advance mi-eye 2 Joint Arthroscopy Platform as MRI Alternative

VCBeat (WeChat ID: vcbeat) has learned that Trice Medical, a company specializing in the diagnosis of sports injuries, recently completed a $19.3 million Series C financing round. The round was led by Safeguard Scientifics, with participation from HealthQuest Capital, BioStar Ventures, and Smith & Nephew. To date, Trice Medical’s total funding has reached $42.55 million.

Trice Medical’s Historical Financing Rounds (Source: Crunchbase)

Trice Medical stated that the funds raised in this round will be used to promote its second-generation flagship product, mi-eye 2, increase its market penetration in the United States, and develop its third-generation product.

Trice Medical is a privately held diagnostics company based in Philadelphia, USA, founded in 2011 with a focus on minimally invasive technologies. The company pioneered a novel orthopedic clinical diagnostic solution as an alternative to MRI (Magnetic Resonance Imaging), aiming to fundamentally enhance the efficiency and accuracy of orthopedic diagnoses while reducing healthcare costs. In 2016, Trice Medical received the Best Investment Award from MedCity.

Developed by Trice Medical, the mi-eye is a 2.2 mm handheld intra-articular endoscope consisting of a disposable needle embedded with a 120° wide-angle lens. During the initial diagnostic evaluation, physicians insert the mi-eye into the joint at the site of injury to obtain real-time images of joint damage, thereby assessing the severity of the patient’s condition. The mi-eye allows patients to avoid undergoing magnetic resonance imaging (MRI) for diagnosing sports injuries, saving time spent waiting for appointments and results while significantly reducing examination costs. The product received FDA clearance in October 2016 and has attracted considerable attention from healthcare professionals seeking alternatives to MRI technology.

Furthermore, compared with the indirect imaging technology of MRI scans, mi-eye imaging is more direct, clearer, and more precise. Trice Medical has partnered with Microsoft to launch the Trice HD Tablet, which is designed to work in conjunction with mi-eye. When a physician inserts the mi-eye needle into a patient’s joint, mi-eye transmits the captured images in real time to the Trice tablet, enabling the physician to make accurate assessments promptly. Physicians can also save videos or images for future sharing or reference.

Officials stated that using mi-eye for visual diagnosis is significantly faster than MRI. Physicians can perform on-site assessments in their own offices and determine whether surgical intervention is necessary for patients. This rapid diagnostic approach saves time spent on queuing, examinations, and waiting for results, enabling patients to receive treatment sooner and reducing recovery time. Meanwhile, this method also improves physicians’ work efficiency and reduces healthcare costs.

Dr. Sean McMillan, a seasoned orthopedic surgeon, has successfully integrated mi-eye into his clinical practice. He stated, “I am delighted to offer my patients safe, cutting-edge technology. With mi-eye, patients can immediately determine the cause of their bone pain and whether surgery is necessary. Moreover, their recovery is faster compared to the traditional diagnostic pathway involving MRI. Our patients are seeking innovative technologies that are fast, convenient, and affordable.”

Currently, Trice Medical is primarily promoting its second-generation product, mi-eye 2. To date, nearly 100 physicians across 25 states have utilized this device. As the competitive landscape evolves, Trice Medical has announced plans to intensify its marketing efforts by adding 20 sales representatives, while also focusing on the research and development of its third-generation product.

Jeffrey O’Donnell, CEO of Trice Medical, has over 30 years of experience in the medical device industry. Prior to joining Trice Medical, he founded the medical device company Embrella Cardiovascular and held executive positions at Boston Scientific, Guidant, and Johnson & Johnson. Commenting on the successful financing round, O’Donnell stated, “This funding round marks a significant milestone for Trice Medical. Moving forward, we will strengthen our sales, marketing, and commercialization efforts and expand our workforce. We are honored to have Smith & Nephew as an investor, and we look forward to leveraging their proven expertise to launch more products similar to mi-eye.”