Leading Dental Technology Company Raises $85 Million to Accelerate Growth
LAGUNA HILLS, Calif., Jan. 6, 2020 /PRNewswire/ – Sonendo®, Inc., a leading dental technology company, announced today that EW Healthcare Partners, a global healthcare growth equity firm, led an $85 million financing for the Company. Other new investors include Redmile Group, ArrowMark Partners, and Broadfin Capital. Other existing investors participating in the round include General Atlantic, Orbimed Advisors LLC, Meritech Capital Partners, CVF LLC, NeoMed Management, Perceptive Advisors, JMR Capital, SEB Private Equity, and Security Pacific Finance.
Founded in 2006 by Fjord Ventures, Sonendo, Inc. is devoted to developing innovative technologies to help dentists save more teeth for more patients. Sonendo's flagship technology, the GentleWave® System, presents an alternative to traditional root canal treatment and a departure from the standard file-based techniques of cleaning root canals. Over 300,000 patients have now been treated with Sonendo's GentleWave System.
"We are thrilled to partner with EW Healthcare Partners," said Bjarne Bergheim, President, and CEO of Sonendo. "EW brings extensive operating and healthcare experience that will be invaluable to us as we continue to build the Company. With this investment, Sonendo is committed to delivering transformative innovation, providing improved care for patients and creating valuable partnerships with the endodontic community."
"We believe Sonendo represents an extremely compelling medtech opportunity in the dental segment with its transformative technology that benefits an underserved market and has the potential to change the way endodontics is practiced today," said Brooks Andrews, a Partner with EW, who will be joining Sonendo's Board of Directors. "We look forward to partnering with Bjarne and the entire management team to support the Company's growth and strategic priorities to improve patient care in not just endodontics, but dentistry as a whole."
Reed Smith LLP served as legal advisor to Sonendo, and Wilson Sonsini served as legal advisor to EW Healthcare Partners.
Sonendo, Inc. is a privately-held company developing innovative technologies to transform dentistry by Saving Teeth Through Sound Science®. The GentleWave System shows significant improvements in clinical efficacy and practice efficiency when compared to standard root canal treatment.1,2,3 Sonendo is the parent company of TDO® Software, the developer of the most widely used endodontic practice management software in the world, designed to simplify practice workflow. TDO software seamlessly integrates practice management, imaging, social media, referral reporting, CBCT imaging, and offers built-in communication with the GentleWave System.
1Sigurdsson A et al. (2016) J Endod. 42:1040-48. 2Molina B et al. (2015) J Endod. 41:1701-05. 3Vandrangi, P et al, 2015 Oral Health 72-86.
With close to $4 billion raised since inception, EW Healthcare Partners is one of the largest and oldest private healthcare investment firms and seeks to make growth equity investments in fast growing commercial-stage healthcare companies in the pharmaceutical, medical device, diagnostics, and technology-enabled services sectors in the United States and in Europe. Since its founding in 1985, EW Healthcare Partners has maintained its singular commitment to the healthcare industry and has been a long-term investor in over 150 healthcare companies, ranging across sectors, stages and geographies. The team is comprised of over 20 senior investment professionals with offices in Palo Alto, Houston, New York, and London. For more information, see www.ewhealthcare.com.
This announcement contains forward-looking statements based on management's beliefs, assumptions and expectations on information currently available to management. All statements that address events or developments that we expect or anticipate will occur in the future are forward-looking statements, including without limitation our expectations on the timing and progress of research and development activities. Management believes that these forward-looking statements are reasonable as and when made. However, you should not place undue reliance on forward-looking statements because they speak only as of the date when made. Sonendo does not assume any obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Actual results, developments or events could differ materially from those disclosed in the forward-looking statements.