Maple Grove-based medical device firm Preceptis Medical Inc. has raised $3.8 million in equity funding from a group of 20 investors, according to a filing with the SEC. The round is to prepare Preceptis for the wide commercialization of its Hummingbird product, which allows physicians to perform ear-tube surgery on children without general anesthesia.
Preceptis declined to say who the investors were, but one is a strategic health care provider who is interested in the product, chief financial officer Joe Delgado said. The firm will use the cash to broaden its reach once it finishes a pilot commercial launch with a small number of health care providers
"The response and the demand has been very strong," chief commercial officer Greg Mielke said.
Preceptis was the winner of the 2013 Minnesota Cup, an annual award for the most promising startup company in the state of Minnesota. It received FDA 510(k) clearance for the Hummingbird last June. It also aised a Series B, or a second institutional round of fundraising, last year that had pulled in over $3.6 million by last March. The goal size of that round was $9 million, according to an SEC filing, though Preceptis declined to say how much it actually raised.
Preceptis previously raised $3 million in financing in 2016 and $1.2 million from local investing group Gopher Angels in 2014. The firm has fewer than 10 full-time employees and was founded in 2011. Its CEO is Steve Anderson.
