Cadent, a Carlstadt, N.J.-based provider of 3D digital solutions for the orthodontic and dental markets, has raised $15 million in new VC funding. Fortissimo Capital led the round, and was joined by return backers Apax Partners, Panorama Capital, STAR Ventures and SV Life Sciences.
Cadent, the leading provider of 3-D digital solutions for the orthodontic and dental industries, today announced the completion of a $15 million round of financing. This financing was led by new investor Fortissimo Capital and included participation from current investors in the company. Proceeds will be used to accelerate the North American expansion and European launch of the iTero™ digital impression system and the U.S. launch of an iTero-driven digital impression system for the orthodontic market.
“This financing round validates Cadent’s position as the undisputed leader in 3-D digital dental impressions and services and signifies a new growth stage for the company that will extend the reach of our technology platforms worldwide,” said Terence J. Gunning, Chief Executive Officer of Cadent. “Our company continues to enjoy sustained revenue growth and increasing market share. More than 3,000 dental practices use our CAD/CAM products on a weekly basis and we process more than 10,000 cases per week across all product lines, a figure which is growing exponentially.
“To date, Cadent has processed more than 1.7 million OrthoCAD cases worldwide. Ninety percent of orthodontists who utilize digital study models in their practice use OrthoCAD iCast™ or iQ™ services, representing fifteen percent of all U.S. orthodontists,” added Gunning. “Regarding iTero, we believe that our installed base is eight-to-ten times larger than the next leading competitor. With more than 1,400 dentists using iTero services, we have completed more than 250,000 restorations ranging from single unit crowns up to full arch restorative cases and because iTero is the only digital impression technology which does not require powdering or coating of the teeth, we can process more complex cases than any other system.”
“Since iTero was launched in 2006, the response from the dental community has far surpassed all expectations. iTero allows for the fabrication of all types of restorations: veneers, crowns, bridges, inlays, onlays, and implant abutments, from single units to full arches,” said Timothy Mack, Chief Operating Officer of Cadent. “We now process more than 2,000 cases per week, and that number is growing exponentially with our expanding user base in North America and Europe. iTero users report an average reduction in chair time of 30-40 minutes per case and an overwhelming patient preference for digital impressions as compared to the traditional method.”
“We invested in Cadent due to its revolutionary technology that is transitioning the dental industry into the digital world, enabling improved treatment of patients based on accurate 3-D images of teeth. We are pleased to help fortify Cadent’s financial position and to offer our strategic guidance as the company continues to solidify its place as the market leader in the field of digital dentistry,” said Yochai Hacohen, a partner at Fortissimo Capital. “Cadent has the capabilities, products and partnerships in place that will drive the company to continue on its dramatic growth path.”
“Cadent has experienced extraordinary growth since the launch of the iTero digital impression system three years ago,” said Amos Goren, Executive Chairman of Cadent and Board Representative for Apax Partners. “We are pleased to welcome Fortissimo as our partner and with the completion of this financing, are very well capitalized and positioned to further escalate our growth by providing state-of-the-art digital technology to dentists around the world.”
About Fortissimo Capital
Fortissimo Capital is a private equity fund that invests in public and private technology companies that require capital to expand their business. Fortissimo is a long-term investor and seeks to partner with management to facilitate growth and maximize value. Fortissimo is backed by leading financial institutions including insurance companies, banks and pension funds. More information about Fortissimo Capital is available at www.ffcapital.com.
Cadent is the leading provider of 3-D digital solutions for the orthodontic and dental industries. The company services thousands of cases each week for a rapidly expanding customer base. Cadent’s offerings improve the efficiency and effectiveness of orthodontic and dental treatments while increasing the revenue of dental healthcare providers. The company is backed by a syndicate of leading venture capital investors including Fortissimo Capital, Apax Partners, Panorama Capital (J.P. Morgan Partners), STAR Ventures and SV Life Sciences. For additional information, please visit www.cadentinc.com.