Sonendo Closes $35 Million Equity Financing Round
LAGUNA HILLS, Calif., Sept. 8, 2014 /PRNewswire/ -- Sonendo®, Inc., the developer of a transformative technology for the endodontic marketplace, announced today it has completed an equity financing totaling $35 million. The proceeds from the financing will be used to further technology development, fund clinical studies, and commercialize 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, LLC, 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. Mr. Madera has led Meritech's investments in several notable technology companies including 2Wire, BlueArc, Facebook, IntraLase, Riverbed Technology, Salesforce.com, and Yammer.
Mr. Madera noted, "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 commented: "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."
About Meritech Capital Partners
Meritech Capital Partners is a leading provider of late-stage venture capital to category-defining private technology companies, and has been one of the top performing venture firms of the past decade. With over $3 billion under management, Meritech primarily leads investments into companies with proven and differentiated technology, rapidly-growing revenue and experienced management teams. With one of the most active venture portfolios in Silicon Valley, Meritech has experience in, and provides guidance on issues facing rapidly growing companies including management incentive plans, IPO market timing and positioning, M&A strategies and negotiations and adviser selection. Meritech investments in industry-leading companies include Acclarent, Cornerstone-OnDemand, Facebook, Fortinet, Fusion-io, Greenplum, Hybris, Imperva, Netezza, NetSuite, Proofpoint, PopCap, Riverbed, Salesforce.com, Sourcefire, Tableau and Zulily. Meritech is located in Palo Alto, CA and can be found at www.meritechcapital.com.
About Fjord Ventures
Fjord Ventures is a life-science focused technology accelerator that provides operational management expertise and a highly capital efficient shared infrastructure to portfolio companies. Since its formation in 2005, Fjord Ventures has created over 10 companies and, together with its affiliates, invests in its portfolio companies from seed through later stage rounds. In Sonendo, Fjord Ventures and its affiliates hold the largest shareholding block. Sonendo was founded by Olav Bergheim, the founder of Fjord Ventures. For more information, please visit: www.fjordventures.com.
About OrbiMed Advisors, LLC
OrbiMed is a leading investment firm dedicated exclusively to the healthcare sector, with approximately $11 billion in assets under management. OrbiMed invests globally across the spectrum of healthcare companies, from venture capital start-ups to large multinational companies. OrbiMed's team of more than 80 employees manages a series of private equity funds, public equity funds, royalty/debt funds and other investment vehicles. OrbiMed maintains its headquarters in New York City, with additional offices in San Francisco, Shanghai, Mumbai and Herzliya.
About SEB Private Equity
SEB Private Equity is a part of Skandinaviska Enskilda Banken (SEB) and invests capital from top-tier third party institutions. Established in 1856, SEB is one of the major Nordic banks with strong historic linkage to the industrial sector. Since its formation in 1998, SEB Private Equity has become a leading global private equity investor based in the Nordics focusing on developing companies both operationally and strategically by partnering with entrepreneurs and managers. SEB Private Equity has managed to build a highly networked and experienced team with the skill-set to source proprietary investment opportunities from its networks, execute on transactions, strategically and operationally improve the company fundamentals and as such create value for investors over the long-term. Combined over the various investment strategies, SEB Private Equity manages about USD 4bn in capital on behalf of clients.
About NeoMed Management
NeoMed Management is an international investment firm, exclusively focusing on the healthcare industry. Founded in 1996, NeoMed has established five funds, with total committed capital exceeding $250 million. NeoMed invests very selectively in emerging medical products companies with outstanding growth prospects.
About Sonendo®
Sonendo, Inc. is a privately-held, venture-backed company developing innovative and disruptive technologies to transform endodontic therapy. In the United States alone, more than 17 million root canal procedures are performed each year. Sonendo aims to improve clinical quality and business economics of current root canal therapy. For more information please visit: www.sonendo.com.
Forward-Looking Statements
This announcement contains forward-looking statements that are based on management's beliefs, assumptions and expectations and on information currently available to management. All statements that address events or developments that we expect or anticipate will occur in the future are forward-looking statements, including without limitation our expectations with respect to the timing and progress of research and development activities. Management believes that these forward-looking statements are reasonable as and when made. However, you should not place undue reliance on forward-looking statements because they speak only as of the date when made. Sonendo does not assume any obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. Actual results, developments or events could differ materially from those disclosed in the forward-looking statements.
Contact:
Len Hall
Allen & Caron Inc
(949) 474-4300
len@allencaron.com
SOURCE Sonendo, Inc.