OrthoAccel™ Technologies Inc, Houston, announced completion of a $12 million Series C financing round, which included the privately held company’s two existing institutional equity investors, S3 Ventures and HealthpointCapital, as well as a new investor, Piper Jaffray Merchant Banking.
OrthoAccel Technologies manufactures AcceleDent®—an FDA-cleared, Class II medical device for accelerated orthodontic treatment.
The financing announcement comes as AcceleDent is now available in more than 3,000 orthodontic locations in North America and nearly 800 international locations.
According to Michael K. Lowe, president and CEO of OrthoAccel, the company’s expansion plans include aggressive revenue growth internationally and in North America. The company is actively adding 18 new sales representatives, with nine dedicated to expanding direct sales in Europe. OrthoAccel’s growth plans include adding 30 employees to support functions such as marketing, innovation, operations, and clinical education.
An investment bank and asset management firm, Piper Jaffray Companies has a history of healthcare investment banking with a focus on medical technology. Piper Jaffray Merchant Banking, the private equity arm of Piper Jaffray, manages growth equity investment funds that invest within the firm’s areas of industry focus, including medical technology and information-driven healthcare technologies.
Looking to the second half of 2016 and 2017, Lowe says, “This round of funding will drive our company to capture even more of the global market share in accelerated orthodontics, reinforcing our position as the leader of this category.”
