Centice Corporation, a Morrisville, NC-based developer of chemical verification and identification solutions, has closed a $1m convertible debt financing.
This initial tranche will be part of a Series D financing of up to $mM, which will include new investment and conversion of debt and is expected to close later this year.
Backers will include both current and new investors.
The company intends to use the capital to expand the market for its narcotics identification system, Mobile Field Lab-3000 (MFL), and introduce additional innovative products in 2013.
Founded in 2004 and led by CEO & President Dr. Prasant Potuluri, Centice Corporation leverages its expertise in applied Raman Spectroscopy and patented Coded Aperture design to create and deliver solutions to select markets in law enforcement, homeland security and scientific analytical instruments.
Initially introduced to the marketplace in December of 2011, MFL-3000 enables law enforcement professionals to easily perform presumptive drug testing in the field without destroying evidence.
The company markets products directly and through distributors.