Centice develops portable, non-destructive chemical identification systems using patented Raman spectroscopy and coded-aperture sensor designs. Its flagship product, the Mobile Field Lab-3000 (MFL-3000), was introduced in December 2011 to help law enforcement identify controlled prescription drugs and has since added a database of over 100 illicit narcotics and cutting agents. The device compares unique spectral fingerprints to an embedded proprietary database of over 3,600 illegal narcotics, cutting agents and controlled prescription drugs for rapid presumptive identification. Centice sells directly and through distributors into law enforcement, homeland security and scientific analytical markets. The company announced an initial $1M convertible-debt closing as part of a Series D financing of up to $8M and plans to use proceeds to expand the market for MFL-3000 and introduce additional products in 2013. Management also intends to expand sales and marketing, hire additional experts, and develop new technology with the funding. Centice Corporation develops PASS Rx, a prescription verification product for the retail and hospital outpatient pharmacy marketplace. Its flagship product improves the verification process for dispensed medications, thereby improving quality and optimizing pharmacy workflow. The company is preparing to commercialize release 3.0 of PASS Rx and will use new funding to support positioning, marketing and nationwide sales. Centice completed a $6.1M Series C financing to support these commercialization efforts. Founded in 2004 and headquartered in Morrisville, NC, the company targets pharmacies nationwide. CEO Scott Albert said the funds will allow the company to appropriately position, market and sell the product to pharmacies across the U.S.

Total raised

$7M

Funding rounds

2

Latest round

Convertible Note

Latest activity

Aug 2012