Chemical verification and identification company Centice is closing in on a $1.5 million round in debt financing as the company continues to seek new applications for a technology originally developed for pharmacies.
Morrisville, North Carolina-based Centice has raised $1.1 million in the round so far, according to a filing with the Securities and Exchange Commission. Centice, which has commercialized a prescription verification device for use in pharmacies and hospitals, has been looking to broaden the technology into a platform that can serve industries ranging from manufacturing to law enforcement. The company earlier this month announced that its technology is now in a beta test with Cherokee Multi-Agency Narcotics Squad in Canton, Georgia. The technology is being used to identify controlled substances and prescription drugs in the field. Field agents are using a battery-powered, portable unit.
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Centice was spun out of Duke University in 2004. The company’s computational sensor technology uses Raman spectroscopy, the technique of identifying a sample by reading its unique light signature. The technology was originally developed into a tabletop device that could be used in pharmacies; by verifying the pills in a bottle, the device would cut down on prescription errors. The device works but pharmacy sales have been slow to pick up and Centice last year began a shift to broaden the technology’s applications.
Centice has raised more than $23 million from venture capital investors.
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