OraMetrix, Inc., a leading provider of innovative oral healthcare technology solutions, has announced the closing of its third round of financing. The company secured $25 million in venture funding, adding to the $23 million in external funding raised since the company initiated U.S. operations in 1998.
Rho Ventures, a venture capital firm headquartered in New York, led this round of financing. Rho Ventures focuses on technology and healthcare investments.
"We were very excited by the disruptive nature of this technology and the opportunity it represents by virtue of its value to orthodontists and patients," said Mark Leschly, Managing Director of Rho Ventures. "We believe that the technology platform is very well developed and very broad and gives OraMetrix tremendous potential for success."
A significant amount of the funding was secured from previous OraMetrix investors, including Centerpoint Ventures, Brentwood Venture Capital, Coral Ventures and a group of international investors that includes Star Ventures in Israel as well as investors in Germany.
"We are very pleased that we were able to close the C round given the current investment climate," said Dr. George Anderson, OraMetrix CEO. "The series C money will allow us to put in place the manufacturing, product support and sales structure essential to support the commercial launch of our first product, SureSmile."
Monies generated in this round will be used to complete the commercial version of SureSmile and create the facilities and organization required to launch SureSmile to the orthodontic industry during the first quarter of 2002.