Providence Medical Technology, Inc., a Lafayette, CA-based medical device company, closed a $6.8m Series C round of financing.
The round was led by Stanmore Medical Investments through its MedVest Fund One, with participation from Aphelion Capital and RCT Ventures. In conjunction with the financing, David Cash of Stanmore and Ned Scheetz of Aphelion have joined Providence’s Board of Directors.
The company intends to use the funds to for U.S. sales, marketing, training, and clinical activities, including training additional distributors, hiring direct sales employees, and initiating prospective clinical trials.
Led by Jeff Smith, Chief Executive Officer, Providence Medical Technology is commercializing the DTRAX platform of differentiated cervical implants and instruments to treat cervical degenerative disc disease through indirect decompression and fusion.
The company, which initiated U.S. surgeon training in November 2013 following 510(k) clearance earlier in the year of DTRAX Cervical Cage, has signed over 15 independent distributors, and now has over 150 sales representatives bringing the DTRAX technology to spine surgeons.