Providence Medical Technology Seals Series C Funding Round
April 02, 2014
Providence Medical Technology
Providence Medical Technology has closed a $6.8 million Series C round of financing led by Stanmore Medical Investments (through its MedVest Fund One), with additional participation from Aphelion Capital and RCT Ventures. Providence is a medical device company developing minimally invasive solutions that address the worldwide cervical spine market. The company is commercializing its DTRAX platform of differentiated cervical implants and instruments to treat cervical degenerative disc disease through indirect decompression and fusion.
It initiated U.S. surgeon training in November 2013 following clearance of the DTRAX Cervical Cage, an implant and delivery system for cervical fusion procedures. Providence, which has now raised over $11 million in total to-date funding, will use the proceeds from this round to fund investment in U.S. sales, marketing, training and clinical activities, including training additional distributors, hiring direct sales employees and initiating prospective clinical trials.