Cadent, the leading provider of 3-D digital solutions for the orthodontic and dental industries, today announced the completion of a $15 million round of financing. This financing was led by new investor Fortissimo Capital and included participation from current investors in the company. Proceeds will be used to accelerate the North American expansion and European launch of the iTero™ digital impression system and the U.S. launch of an iTero-driven digital impression system for the orthodontic market.
“This financing round validates Cadent’s position as the undisputed leader in 3-D digital dental impressions and services and signifies a new growth stage for the company that will extend the reach of our technology platforms worldwide,” said Terence J. Gunning, Chief Executive Officer of Cadent. “Our company continues to enjoy sustained revenue growth and increasing market share. More than 3,000 dental practices use our CAD/CAM products on a weekly basis and we process more than 10,000 cases per week across all product lines, a figure which is growing exponentially.
“To date, Cadent has processed more than 1.7 million OrthoCAD cases worldwide. Ninety percent of orthodontists who utilize digital study models in their practice use OrthoCAD iCast™ or iQ™ services, representing fifteen percent of all U.S. orthodontists,” added Gunning. “Regarding iTero, we believe that our installed base is eight-to-ten times larger than the next leading competitor. With more than 1,400 dentists using iTero services, we have completed more than 250,000 restorations ranging from single unit crowns up to full arch restorative cases and because iTero is the only digital impression technology which does not require powdering or coating of the teeth, we can process more complex cases than any other system.”