The round will go toward accelerating and expanding the company’s U.S. market reach for its flagship product, a handheld diagnostics tool called mi-eye, as well as research and development, sales, marketing and “key international regulatory approvals.”
To date, the company has racked up $40.9 million in ventur capital. Along with previous investors Safeguard and BioStar Ventures, U.K.-based medical company Smith & Nephew joined the list of investors.
“This financial support from our existing and new investors gives us the runway we need to fulfill our mission,” said CEO Jeffrey O’Donnell. “We can now attract the talent we need to scale to make mi-eye the standard of care in diagnostic imaging.”
According to the company, the mi-eye — which received FDA 510(K) clearance during the fourth quarter of 2016 — is currently used by some 100 physician practices across 25 states.
Here’s a quick explainer video of how the company’s main product works: