Sonendo, a developer of technology for the endodontic marketplace, has completed an equity financing totalling USD35 million.
The proceeds from the financing will be used to further technology development, fund clinical studies, and commercialise Sonendo's GentleWave System for root canal therapy.
The system debuted at the American Association of Endodontists (AAE) annual meeting in May of this year, and is currently in limited market release.
The round was led by Meritech Capital Partners with new investor SEB Private Equity joining Fjord Ventures, OrbiMed Advisors, and NeoMed Management to form the investor syndicate.
Paul Madera, co-founder and managing director of Meritech Capital Partners, has joined the Sonendo board of directors, increasing the total number of directors to nine. Madera has led Meritech's investments in several notable technology companies including 2Wire, BlueArc, Facebook, IntraLase, Riverbed Technology, Salesforce.com, and Yammer.
Madera says: "Meritech Capital looks to invest in the best late-stage tech companies in the universe, and we feel Sonendo is one of them. We are excited about Sonendo's technology and believe they have the potential to change the standard of care for root canal procedures."
Sonendo president and CEO Bjarne Bergheim, says: "We are pleased to have Meritech Capital, a prestigious and highly successful late-stage investment firm, lead this round of financing as we head into commercialization of our GentleWave System. Our investors share our mission of transforming endodontic therapy: delivering ultraclean root canal therapy for patients; and predictability, efficiency, and practice differentiation to the clinician."
