Centice, a biotech spin-out of Duke University, receives slice of $7m venture funding from QWave Fund.

A biotech spin-out commercialising computational sensor technology developed at Duke University has received additional funding from the Quantum Wave (QWave) Fund for an unspecified amount.

North Carolina-based Centice, spun-out from Duke in 2004, received the investment from early-stage quantum technology venture firm QWave as the investor made simultaneous investments in Purdue spin-out Nano-Meta Technologies and Estonia-based semiconductor startup Clifton totalling $7m, with $1m going to Nano-Meta.

Centice plans to use the funding to increase sales and production of its product, Mobile Field Lab-3000 (MFL-3000), a narcotics identification system. It will also use the backing to develop new products.

The funding comes shortly after the close of a $8m series D round in March this year, and brings the total venture funding for Centice to at least $30m. Backers for the firm include venture firms Bain Capital Ventures, Sigma Parters, Innovation Ventures, Fulcrum Ventures, and others.

Prasant Potuluri, Centice chief executive & president, said: “Our 2013 plan is very aggressive and we will continue to add new features and improvements to MFL- 3000 as well as develop new products that leverage our technology. This additional financing shows continued confidence in our strategic direction and the success of the MFL-3000 in the market place.”