US-based dental technology developer Sonendo filed for an initial public offering (IPO) on the New York Stock Exchange on Friday that would mark an exit for conglomerate Henry Crown and Company.
Founded in 2006, Sonendo has developed technology aimed at helping prevent tooth decay by using cleaning fluids and acoustic vibrations to clean teeth during root canal procedures. It is using a $100m placeholder figure for the IPO and the proceeds will go to sales and marketing activities and research and development.
Henry Crown affiliate CVF took part in an $85m funding round for the company in January 2020 led by EW Healthcare Partners and backed by Redmile Group, Broadfin Capital, Orbimed, General Atlantic, Meritech Capital Partners, Perceptive Advisors, JMR Capital, SEB Private Equity, Neomed Management and Security Pacific Finance.
CVF also backed a $50m round in 2017 alongside General Atlantic, Fjord Ventures, Orbimed, Neomed Management and Meritech Capital, as well as a $35m round in 2016 featuring Dinova Capital, Fjord Ventures, Meritech Capital, Orbimed, SEB Private Equity and Neomed.
Sonendo had raised approximately $243m in equity and debt financing as of its most recent round. General Atlantic is currently the company’s largest shareholder according to the IPO filing, followed by OrbiMed, Meritech Capital, EW Healthcare and CVF.
BofA Securities, Goldman Sachs and Piper Sandler are joint lead book-running managers for the IPO while Stifel Nicolaus is a book-running manager.
