MENLO PARK, Calif. and BOSTON, Aug. 8 /PRNewswire/ -- 3i, global leader in venture capital and private equity, announces today that it has led a series D investment in OrthoClear Holdings, Inc. The financing will be used to fund OrthoClear’s projected capital expenditures, sales and marketing as well as the company’s upcoming international expansion into Europe and the Far East.
OrthoClear was founded in January 2005 with a vision to become a leader in the orthodontic supply industry. OrthoClear has developed a unique cosmetic dentistry system for the correct alignment of teeth. OrthoClear’s proprietary technology produces aligners that are invisible, customized for a superior fit, and cost effective for patients and clinicians. The company has also developed web-based software, OrthoView(TM), so that orthodontists can track the progress of their treatments. Since product launch in May 2005, OrthoClear has rapidly captured over 20% of the North American clear removable aligner market with strong revenue growth expected to continue.
In connection with this investment, Paul Badawi, Director with 3i, will be joining OrthoClear’s board of directors.
“OrthoClear is a leader in the clear removable aligner market, providing the most sophisticated and clinically effective solution at a compelling price,” commented Allan Ferguson, Senior Partner with 3i.
“As part of our healthcare strategy, we have been targeting companies that deliver less invasive yet highly effective cosmetic improvements to consumers and OrthoClear is leading the way in the less invasive dental aesthetics space,” continued Paul Badawi, Director with 3i and Board member of OrthoClear. “The Company is uniquely positioned to continue its aggressive growth. OrthoClear has been very open with us regarding its outstanding litigation with Align Technology, and, after careful consideration, the issue has not affected our willingness to invest. We look forward to working in partnership with the team to exploit this massive market opportunity.”
Peter Riepenhausen, Chairman of the Board of OrthoClear commented:
“We welcome 3i’s investment in OrthoClear. 3i is the preeminent global venture investor, and we look forward to working with their outstanding group of professionals to help build and grow the Company.”
Zia Chishti, Chief Executive Officer of OrthoClear added:
“It is a matter of personal pride to welcome 3i into our group of investors. 3i’s investment in us validates our efforts over the last eighteen months, and compliments our position of market leadership. With 3i as a partner, we look forward to accelerating our growth.”
Cowen and Company advised OrthoClear on the financing.
About 3i
3i is a world leader in private equity and venture capital. We focus on Buyouts, Growth Capital and Venture Capital and invest across Europe, in the United States and in Asia. Our competitive advantage comes from our international network and the strength and breadth of our relationships in business. These underpin the value that we deliver to our portfolio and to our shareholders.
3i’s Venture Capital business focuses on investing in scaleable start-up and early-stage businesses. The business currently manages over 200 investments across Europe, US, Asia and Israel, valued in excess of $1bn. 3i’s VC investments fall into four main industry sectors, including healthcare, telecommunications, software and electronics/semiconductors.
In the last 12 months, 3i’s VC healthcare team invested in TransMedics, Ulthera, Zonare, Small Bone Innovations, Carmel Pharma, Endosense, Triage Wireless, elbion with strong realisations via trade sales of KuDOS Pharmaceuticals, Arakis, NeoPharma, PHARMetrics, SpineNext, and Arexis and IPOs for ProStrakan, Arpida, Paion, Jerini, Epigenomics, Phoqus, Ardana. For more information, go to http://www.3i.com
About OrthoClear
OrthoClear is the technology leader in the clear removable aligner orthodontics market. OrthoClear offers the most advanced method of straightening teeth on the market today. Founded in January 2005, OrthoClear has become the fastest growing company in orthodontic history. OrthoClear has over 1300 employees, has trained over 5000 doctors in the use of its products, and in June received over 3000 new orders for its OrthoClear System. For more information, go to http://www.orthoclear.com
Press contacts: Tricia Seifert Katja Gehrt OrthoClear 3i US 469.643.6395 650.470.3210 tricia.seifert@orthoclear.comkatja.gehrt@3i.com
This release was issued through eReleases(TM). For more information, visit http://www.ereleases.com.
3i Corporation
CONTACT: Tricia Seifert of OrthoClear, +1-469-643-6395, ortricia.seifert@orthoclear.com; or Katja Gehrt of 3i US, +1-650-470-3210, orkatja.gehrt@3i.com
