Sonendo, Inc., the developer of a breakthrough technology for dentistry, announced today it has completed an equity financing totaling $35 million through new and existing investors. The financing round led by DiNovA Capital will allow Sonendo to advance the commercialization of its GentleWaveSystem as an alternative to standard root canal treatment and develop additional products in adjacent verticals to leverage its Multisonic Ultracleaning™ technology platform.
New investors DiNovA Capital and CVF, LLC, an affiliate of Henry Crown & Company, joined with existing investors Fjord Ventures, OrbiMed Advisors, LLC, Meritech Capital Partners, NeoMed Management and SEB Private Equity to form the investor syndicate. In connection with the financing, Michael Zhao of DiNovA Capital has joined the Sonendo Board of Directors. Mr. Zhao noted, “Sonendo’s GentleWave System is uniquely positioned to transform endodontic therapy by delivering exponential improvements in clinical efficacy. DiNovA Capital is pleased to join Sonendo’s existing investors and we look forward to supporting the management and employees of Sonendo in bringing this exciting, innovative product to patients.”
Sonendo President and CEO Bjarne Bergheim commented, "With DiNovA Capital and CVF, LLC, we are pleased to expand our top-tier syndicate of committed, long-term investors who recognize the significant potential of this breakthrough technology. Proceeds from this financing will provide the critical resources to support the growth of our commercialization efforts of the GentleWave System as well as continuing our development activities in furthering our Multisonic Ultracleaning technology platform. Our investors share our passion for helping dentists deliver significant, patient-centric, improvements in clinical efficacy and treatment efficiency as we continue to live up to our mission of Saving Teeth Through Sound Science.”