Centice closes $6.1 Million in venture financing
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Bangalore: Centice, a Morrisville, N.C.-based developer of a pharmaceutical authentication sensor system, has raised $6.1 million in Series C funding. This round of financing is led by Fulcrum Financial Group along with the participation of its existing investors - the Aurora Funds, S-Group Direct Investments and Innovation Ventures. The funds will be used to support ongoing commercialization efforts for release 3.0 of Centice's PASS Rx prescription verification product for the retail and hospital outpatient pharmacy marketplace. "We are also very excited about the addition of Fulcrum Financial Group to our investor base and we look forward to working with them," said Scott Albert, CEO and Chairman of the Centice Board of Directors. "Release 3.0 of our PASS Rx system will be out in the near term and these funds will allow us to appropriately position, market and sell the product to pharmacies nationwide," he added. The Co-Founder and Chief Technology Officer at Centice, Dr. Prasant Potuluri is primarily focusing on identifying and evaluating new technology and providing strategic vision and direction to the engineering group. He has pursued several federal grants for Centice and has won close to $1.4 million in research funds. Founded in 2004 and headquartered in Morrisville, NC, Centice claims that its flagship PASS Rx pharmaceutical authentication sensor system improves the verification process for dispensed medications, thereby improving quality and optimizing workflow in the pharmacy. Also, the Centice technologies stated that it has additional applicability beyond just the verification of solid medications in the pharmacy, and the company has plans to develop future products for solid drug identification, liquid medication verification and counterfeit drug detection. Currently, there are about 22 employees in the privately held company.

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