August 24, 2009
One of the leading providers of 3D digital and orthodontic solutions in the United States, Candent, announced today that it has closed a new funding round that was led by Fortissimo Capital, a new investor for the company. Candentâ€™s existing investors also participated in this funding round. The money from this round of funding is intended to go to Candent to expand its operations into European markets and further expand its market operations in North America. Currently, Candentâ€™s flagship product is the iTero Digital Impression System, which has already been introduced in the United States for a while, is to be launched in Europe.
According to Candentâ€™s CEO, Terrence J. Gunning, the fact that Candentâ€™s proprietary technology has been the market leader of digital impression solutions for the medical industry is validated by this round of funding. Furthermore, this funding rounding will go to help the company in this new growth stage and bring its powerful technology to dentists worldwide. Mr. Gunning further stated that currently over 3000 dental practices use the iTero Digital Impression System and this number is projected to grow.
According to Candentâ€™s COO, Timothy Mack, since Candent launched the iTero imaging system in 2006, the number of dental practices wanting to use his technology has exceeded all the companyâ€™s expectations. The iTero technology is so powerful, because it can allow dentists and orthodontists to create all kinds of dental and orthodontic reparations, such as verniers, crowns, bridges, inlays, and other dental reparation procedures. The company currently is processing over 2000 cases per week, and this number is growing in Candentâ€™s current markets within North America and Europe.
According to Fortissimoâ€™s Yochai Hacohen, Fortissimo Capital decided to invest in Candent, because the companyâ€™s revolutionary technology is being used by a growing number of dental practices and is clearly disrupting the marketplace. Furthermore, the fact that the iTero technology is being noticed and used by more dental practices, the team at Fortissimo Capital is pleased to help Candent realize its new growth stage and sees a good opportunity in the company.
According to Amos Goren, executive chairman of Candent and board representative for Apax Partners, three years ago, after Candent launched its iTero Digital Impression System, the company has experienced amazing growth and the team at Candent welcomes Fortissimo Capital aboard.
Fortissimo Capital is a private equity firm that seeks companies that are in growth stage and have revolutionary solutions that are disrupting the market. Fortissimo Capital invests for the long term. Fortissimo seeks a positive partnership with the management teams of its portfolio companies. Some other companies in Fortissimo Capitalâ€™s portfolio include AOD Software, Crow Technologies, Emblaze, RadView Software, and others.
For more information about Candent, click here.