Sonendo announces proceeds from equity financing to advance development and commercialize treatment for root canal therapy
Sonendo, Inc., the developer of a transformative technology for the endodontic marketplace, announced today it has completed an equity financing totaling $35 million. The proceeds from the financing will be used to further technology development, fund clinical studies, and commercialize Sonendo’s GentleWave System for root canal therapy.
The round was led by Meritech Capital Partners with new investor SEB Private Equity joining Fjord Ventures, OrbiMed Advisors, LLC, and NeoMed Management to form the investor syndicate. Paul Madera, co-founder and managing director of Meritech Capital Partners, has joined the Sonendo Board of Directors, increasing the total number of directors to nine. Mr. Madera has led Meritech's investments in several notable technology companies including 2Wire, BlueArc, Facebook, IntraLase, Riverbed Technology, Salesforce.com, and Yammer.
Mr. Madera noted, “Meritech Capital looks to invest in the best late-stage tech companies in the universe, and we feel Sonendo is one of them. We are excited about Sonendo’s technology and believe they have the potential to change the standard of care for root canal procedures.”
Sonendo President and CEO Bjarne Bergheim commented: “We are pleased to have Meritech Capital, a prestigious and highly successful late-stage investment firm, lead this round of financing as we head into commercialization of our GentleWave System. Our investors share our mission of transforming endodontic therapy: delivering ultraclean root canal therapy for patients; and predictability, efficiency, and practice differentiation to the clinician.”