Centice Corp. Raises $8 Million Series D Venture Financing
MORRISVILLE, N.C.--(BUSINESS WIRE)--Centice Corporation, a pioneer in chemical verification and identification using Raman spectroscopy and computational sensor technology, announced the closing of a convertible debt financing of $1M. This initial closing will be part of a Series D financing of up to $8M, which will include new investment and conversion of debt. The company expects the additional Series D closings to occur later this year. Participation in the Series D financing will include both current and new investors. Centice plans to use the funds to expand the market for its narcotics identification system, Mobile Field Lab-3000 (MFL), and introduce additional innovative products in 2013.
Initially introduced to the marketplace in December of 2011, MFL-3000 was solely to aid law enforcement in the identification of controlled prescription drugs (CPDs) however the company recently announced the addition of a new database of over 100 illicit narcotics and cutting agents.
The most cost effective solution of its kind on the market, the MFL-3000 enables law enforcement professionals to quickly and easily perform presumptive drug testing in the field without destroying evidence. Simply place and cover the unknown material (solid, liquid or powder) on the portable device and Centice’s patented Raman Spectroscopy technology rapidly scans it and creates a unique spectral fingerprint of the substance.
This “unique chemical fingerprint” is then compared to Centice’s embedded proprietary database of over 3,600 illegal narcotics, cutting agents and controlled prescription drugs to ensure objective and reliable identification. The Department of Justice and affiliated agencies are familiar with Raman Spectroscopy and consider it a valid science for confirmatory evidence analysis.
“We see a tremendous opportunity to serve the needs of law enforcement and security markets,” stated Centice CEO & President, Dr. Prasant Potuluri. “This investment will allow us to expand our sales and marketing efforts, hire additional experts within the field, as well as develop new technology….we are committed to taking Centice to the next level and this additional funding will help us do so.”
Centice Corporation is an applied technology company innovating in advanced photonic sensor designs. The company creates and delivers solutions to select markets in law enforcement, homeland security and scientific analytical instruments. By leveraging an expertise in applied Raman Spectroscopy and patented Coded Aperture design our engineers deliver on faster acquisition times, greater sensor reliability and bring the advantages of coded aperture to multiple sensor modalities. Centice’s scientists and engineering teams work with a network of global partners to adapt the latest in science to emerging business and public service needs. Headquartered in Morrisville, NC and founded in 2004, the company markets products directly and through distributors.