US-based dental technology producer Sonendo raised $85m yesterday from investors including CVF, an investment affiliate of diversified conglomerate Henry Crown and Company.
Healthcare-focused growth equity firm EW Healthcare Partners led the round, which also featured Redmile Group, ArrowMark Partners, Broadfin Capital, General Atlantic, Orbimed Advisors, Meritech Capital Partners, Neomed Management, Perceptive Advisors, JMR Capital, SEB Private Equity and Security Pacific Finance.
Sonendo has created a medical device called GentleWave System, a minimally invasive tool that offers macro and microscopic cleaning of the root canal by using acoustic waves and fluids to penetrate a tooth’s complex anatomy. It also markets dental practice management software through subsidiary TDO Software.
The capital will help Sonendo form new strategic partnerships and continue to drive company growth. Brooks Andrews, a partner at EW Healthcare Partners, will join its board of directors in conjunction with the round.
The company has raised approximately $243m in combined equity and debt financing to date. CVF previously took part in a $50m round in 2017, investing alongside General Atlantic, Fjord Ventures, Orbimed, Meritech Capital and Neomed Management.
CVF had already participated in a $35m funding round for Sonendo in 2016 together with Dinova Capital, Fjord, Orbimed, Meritech, Neomed and SEB Private Equity. The company’s earlier backers include Oxford Finance and Themes Investment Partners.
