SensAble
Technologies, Inc®, a leading provider of 3D modeling software,
haptic devices and dental restoration design and fabrication solutions,
announced that it has received an $8 million investment to propel sales,
marketing and engineering efforts for its digital dentistry product
line. Existing investor HLM
Venture Partners led the round and was joined by North
Bridge Venture Partners, both of whom are headquartered in the
Boston area, and have extensive expertise with medical device company
funding.
“It’s an enormous market
with multiple opportunities to improve dental lab productivity and
quality of output with solutions that integrate a wide range of newly
advanced technologies. We’re pleased to have the support of two
high-caliber venture capital firms who share our vision and will help us
achieve these goals.”
SensAble will use the new capital to better compete in the $3 billion
worldwide market for dental restoration equipment and supplies. In 2008
SensAble introduced the SensAble
Dental Lab System, an award-winning solution that helps dental labs
of all sizes migrate to the use of digital tools in scanning, designing,
and fabricating dental prosthetics and oral devices. Since then,
SensAble more than doubled its dental
business revenues and won key strategic customers worldwide. The
additional funding will allow SensAble to build upon its initial success
in a sizable and growing market.
“As dentistry goes digital, the dental lab business is in the early
stage of a massive transformation – with less than 20% of all dental
labs currently leveraging digital technology – while demand is on the
rise as aging baby boomers need more and better dental restorations,”
said Curt Rawley, chairman and CEO of SensAble. “It’s an enormous market
with multiple opportunities to improve dental lab productivity and
quality of output with solutions that integrate a wide range of newly
advanced technologies. We’re pleased to have the support of two
high-caliber venture capital firms who share our vision and will help us
achieve these goals.”
As part of the funding, Carmichael Roberts of North Bridge and Ed Cahill
and Enrico Picozza of HLM have been named to SensAble’s board of
directors.