OrthoAccel Technologies said today it closed a $12 million Series C funding round to support its AcceleDent orthodontic treatment device. The company’s AcceleDent orthodontic device is designed to accelerate tooth movement using sonic technology.
The round was joined by existing institutional equity investors S3 Ventures and Healthpoint Capital as well as new investor Piper Jaffray Merchant Banking, the Houston based company said.
“We are proud to have esteemed and knowledgeable investment partners who believe in OrthoAccel’s vision to revolutionize the orthodontic industry through innovation that enhances the patient experience. Continuing to build on another year of dynamic sales growth and market penetration, this investment provides the resources needed to realize our next stage of market share growth,” CEO Michael Lowe said in prepared remarks.
The company said it plans to expand internationally and across North America, adding 18 new sales representatives with 9 dedicated to direct sales in Europe.
“We have been impressed with the rapid growth of OrthoAccel to date. The AcceleDent technology represents a significant advancement in orthodontic treatment technology for patients and positively impacts orthodontic practices at the same time, creating a large global market opportunity for the company,” Piper Jaffray vice chair Tom Schnettler said in a press release.
In March, OrthoAccel said it raised another $5 million equity round, more than 2 years after a previous raise brought in the same amount.
Another $5 million raised in January 2014 came from existing backers Healthpoint Capital and S3 Ventures, along with standing stockholders, the company said at the time.